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The most stunning offer in Israel’s insurance marketplace last yr lastly gained the go-ahead at the end of very last 7 days when Commissioner of Insurance plan, Cost savings and Cash Markets Dr. Moshe Bareket gave electronic insurance policies organization WeSure a permit to handle veteran participant Ayalon Insurance Corporation.

WeSure needed the permit in get to be capable to acquire 67% of Ayalon for NIS 463 million. For the needs of increasing the income, WeSure brought Caesarea Healthcare Electronics, managed by Zvi Barak and his spouse Anat, into the deal. Barak will make investments NIS 270 million in WeSure.




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Finance was not, having said that, the only, or even the principal hurdle that WeSure experienced to prevail over. Through the manage permit system, the Israel Securities Authority raised the need to collapse a person of the levels in the Ayalon group structure, due to the fact the Concentration Regulation bans a pyramid of much more than two businesses that are either general public or increase cash as a result of bonds, and the deal would have build these types of a pyramid: WeSure, a community enterprise beneath it Ayalon Holdings, a 2nd public company below that Ayalon Insurance, a non-public company but deemed a layer for the applications of the Focus Law and below that Ayalon Insurance policies Issuing and Raising Ltd., a corporation that has raised debt in a bond presenting.

In get to offer with the ban, in early March the boards of directors of Ayalon Holdings and of Ayalon Insurance coverage agreed a merger, collapsing two layers of the pyramid into one particular (insurance policies providers are exempt from the bond situation provision), consequently removing the impediment to completion of the deal. At the finish of final 7 days, the Commissioner of Insurance policy, Cost savings and Capital Markets awarded an insurance policy license to the merged Ayalon Insurance plan.

After the regulatory impediment was taken off, Bareket gave a command permit to the managing shareholders in WeSure, Emil Vainshel and Nitzan Zeir-Harim, with each other with Zvi and Anat Barak, enabling them to maintain, immediately or indirectly, stakes in WeSure Worldwide Tech (TASE: WESR), and in the insurance companies that it controls. Before in the week, the Levels of competition Authority gave its approval to the offer in between WeSure and Caesarea Healthcare Electronics.

Revealed by Globes, Israel company news – en.globes.co.il – on May perhaps 22, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.