Isracard shareholders approve acquisition by Delek

Shareholders of Israeli credit card company Israeli credit card company (Tase: ISCD) voted in favor of selling control of the company yesterday. Delek Group (Tase: Delk), controlled by Yitzhak Tshuva, with a valuation of the NIS 35.6 billion company. After the vote, Israelcard shareholders approved the agreement that the company’s management had signed with DeLek Group.

However, shareholder approval is not the end of the story. Formal regulatory approval must be given by bank supervisor Daniel Hahiashvili and Israeli Competition Director Mikal Cohen. While approval by bank supervisors is more complicated, Delek Group has revealed in recent months that it has been in advanced negotiations on the subject since June 2024, with the Israeli Competition Authority approved the transaction There shouldn’t be a problem with doing so. The next step is to wait and see if the approval has been received from the Bank of Israel. If regulatory approval is received, DeLek is expected to administer Israel Card.

Delek approached his goal of purchasing control of Israelcard earlier this week. Credit card company chairs Tamar Yassur and CEO Ran Oz have ruled out bids for Menora Mivtachim (Tase: MMHD) and Bank of Jerusalem (Tase: JBNK).

Published by Globes, Israel Business News -en.globes.co.il- February 21, 2025.

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