The Israel Competitors Authority has accepted Clal Insurance coverage Enterprises Holdings (TASE: CLIS) acquisition of bank card firm Max. Earlier this week Clal Insurance coverage acquired a one month extension to finish the deal.

The Competitors Authority mentioned that following completion of the deal Clal wouldn’t be capable of maintain greater than a 7.5% stake in a financial institution or one other bank card firm. This restriction is solely theoretical as a result of firms dealing with pension funds and financial savings are anyway not allowed to holds greater than 7.5% of a financial institution. Clal Insurance coverage has a 7.1% stake in Financial institution Hapoalim, a 7% stake in Israel Low cost Financial institution and a 6% stake in Financial institution Leumi.

Talks between Clal Insurance coverage and Warburg Pincus for the acquisition of Max started a yr in the past. In April 2022 an acquisition settlement was signed at for Clal Insurance coverage to purchase Warburg Pincus’s 70% stake in Max at an organization valuation of NIS 2.47 billion. Clal Insurance coverage CEO Yoram Naveh has needed to overcome fierce opposition to the deal from Alfred Akirov, the controlling shareholder in Alrov Properties and Lodgings (TASE: ALRP), who’s the most important shareholder in Clal Insurance coverage, and who’s ready to listen to if he should buy management of the corporate.

Revealed by Globes, Israel enterprise information – en.globes.co.il – on February 9, 2023.

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