Leumi Partners Ltd., the investment banking arm of Bank Leumi (TASE: LUMI), has signed an agreement to acquire 11.26% of Avgol Nonwoven Industries Ltd. (TASE:AVGL), and an option for an additional 8.32%, for NIS 110 million from Israel Petrochemical Enterprises Ltd. (TASE:PTCH), the Goldwasser family, and other investors. The deal was closed on the day of the signing.
The option is exercisable for three years at a strike price of NIS 3.25 per share, net of dividends.Leumi Partners Ltd., the investment banking arm of Bank Leumi (TASE: LUMI), has signed an agreement to acquire 11.26% of Avgol Nonwoven Industries Ltd. (TASE:AVGL), and an option for an additional #
Avgol manufactures nonwoven fabrics for diapers and the hygiene industry. The company has factories in Israel, the US, China, and Russia.
Avgol's share price rose 0.3% today to NIS 2.78, giving a market cap of NIS 825 million. Petrochemical Industries' share price rose 3.6% to NIS 11.60, giving a market cap of NIS 341 million.
Globes [online], Israel business news
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