TLV Recap - Jan. 9
Insurers seek credit card issuers. Teva seeks to put opioid role behind it.
Clal Insurance invests ILS 100 million in Esh Group
Clal Insurance (TLV:CLIS) is buying an almost 5% stake in Esh Group for ILS 100 million (USD 28.5 million), news outlet Globes reported.
Clal will also receive a 4.99% stake in Esh’s bank and technology firm.
The investment decision comes after the Bank of Israel awarded a conditional license to the new Israeli bank Esh in late December.
Esh said the investment values the group at ILS 8 billion.
Esh plans to offer current accounts services as well as deposits, loans, payments and credit cards.
According to the report, the bank’s shareholders have committed to injecting capital into the bank.
Harel Insurance bids to buy Isracard for ILS 2.7 billion
Harel Insurance (TLV:HARL) has offered to buy 100% of Israeli credit card company Isracard (TLV:ISCD) for ILS 2.7 billion (USD 770 million), Harel said in a stock exchange filing.
The offer is a 30% premium on Isracard’s last closing price on the Tel Aviv Stock Exchange.
Harel’s move comes after Clal Insurance (TLV:CLIS) agreed to buy credit card company Max at a valuation of ILS 2.5 billion.
Car sensor developer Opsys Tech raises USD 36.5 million in Series C round
Israeli car sensor developer Opsys Tech raised USD 36.5 million in a Series C financing round to fund commercial automotive production quantities of its solutions, news outlet Globes reported.
83North, Osage University Partners, Translink Capital, and Saban Ventures are among the participants of the round.
Founded in 2016, Opsys Tech developed LIDAR sensor that has no moving parts.
Israeli Defense Minister appoints Rafael chief
Israel’s Defense Minister Yoav Gallant appointed Yuval Steinitz as chairman of Rafael Advanced Defense Systems, Globes reported.
Steinitz will succeed Uzi Landau who has completed his six-year term in the role.
News outlet Globes reported that Steinitz’s appointment is expected to be approved at all levels including by the Government Companies Authority due to his “extensive experience in related fields.”
In the past, Steinitz had served as the Minister of Finance, Minister of Intelligence, Minister of Strategic Affairs, and Minister of Energy.
Teva secures enough support from US states to proceed with nationwide settlement of opioid-related claims
Teva Pharmaceutical Industries (NYSE:TEVA, TLV:TEVA) said on Monday that it either settled with or confirmed participation from 48 out of 50 US states to move forward with its nationwide settlement agreement to resolve opioid-related claims and litigation.
Teva expects the nationwide settlement will lead to similar support from the states’ subdivisions.
In November, Teva agreed to pay up to USD 4.25 billion, including a supply of the overdose drug naloxone to settle thousands of lawsuits filed against it in the US for its alleged role in the opioid crisis in the country.
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