Fidelity Buys 1.6% of Phoenix in Affinity's NIS 1.05 Billion Sale
Published
Fidelity acquired about 1.6% of Phoenix Financial in the sale of part of Affinity Partners' stake in Israel's largest insurance group. Affinity, led by Jared Kushner, received about NIS 1.05 billion and retained roughly 7.4% of Phoenix, keeping its position as the company's largest shareholder. Reports differ on whether the placement transferred about 2.4% to two asset managers or 2.5% to three institutions. The sale was priced at NIS 168.50 per share, a 4% discount to Tuesday's opening price. Phoenix's foreign investors now hold about 40% of its shares, broadening the company's international shareholder base.
Sources
Difference in reporting
Sources factually disagree on the size and buyer count: Calcalist reports 2.5% sold to three global institutions, including 1.6% to Fidelity; Bizportal reports about 2.4% sold to two foreign asset managers; Globes reports about 2.5% sold to unnamed American institutions. The remaining facts are uniform: Affinity received about NIS 1.05 billion and retained roughly 7.4% as Phoenix's largest shareholder.
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