White & Case Advises on Agreement to Acquire Largest Insurance Company in Israel

Press Release
2 min read

Global law firm White & Case LLP has advised Centerbridge Partners and Gallatin Point Capital on their agreement to acquire a 32.5 percent controlling stake in Phoenix Holdings Ltd (Phoenix) from Delek Group Ltd.

"This represents a strategically important acquisition for our clients that will give them a controlling stake in Israel's most valuable insurance company," said White & Case partner Daniel Turgel, who co-led the Firm's deal team. "This was a high profile transaction in Israel and the latest example of our ongoing work supporting clients investing in the market. We are proud of our Band 1 practice having advised on more Israel-related M&A transactions than any other international firm in 2018 and continuing to lead the market this year."

White & Case partner and co-leader of the EMEA Financial Institutions M&A group, Gavin Weir, who co-led the Firm's deal team, commented: "Private equity investors have a very strong appetite for financial services deals. In 2018 financial sponsors were involved in almost 25 percent of announced financial institution M&A transactions. We expect this trend to continue across all aspects of the financial services sector, especially insurance, asset management and payments. We are delighted that yet again our Financial Institutions M&A and private equity teams are involved in a landmark financial services transaction."

Phoenix represents a unique investment opportunity for Centerbridge Partners and Gallatin Point Capital in the Israeli insurance market. Both firms have extensive experience in financial services investments, including in the insurance sector.

The closing of the transaction is expected later this year and is subject to customary closing conditions and other regulatory approvals.

The White & Case team in London that advised on the transaction was led by Gavin Weir and Daniel Turgel and included partners Ian Bagshaw, Martin Forbes and Laura Hoyland, and associates Nicole Vella and Chris Beardmore.

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