ERM advises Generali on NIS 4.2bn sale of Migdal
Epstein Rosenblum Maoz (ERM) has advised Italian insurance giant Generali on the sale of its controlling stake (69.1%) in Migdal Insurance to the Shlomo Eliahu Group.
Migdal Insurance is Israel's largest insurance company, and is listed on the Tel Aviv Stock Exchange.
The Shlomo Eliahu Group is controlled by Mr Shlomo Eliahu, one of Israel's most prominent players in the insurance sector.
The transaction, which is one of the largest carried out in Israel in recent years, followed a long period of market speculation.
Following the recent recommendations of the Israeli government-appointed Concentration Committee, which investigated the structure of the Israeli finance sector and published various recommendations (which have been adopted by the Israeli government) in order to increase competitiveness on the market, it is widely expected that additional Israeli financial institutions will change ownership in the coming years.
Corporate partner Nimrod Rosenblum, tax partner Yair Benjamini and corporate senior associate Roni Abelski led the transaction.
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