Permira has signed a deal to acquire IDB Holding Corp.’s stake in Clal Insurance Enterprises, Globes reports. The European private equity firm will pay a total of $4.5 billion for a 55 percent Clal Insurance stake. The proposed deal will take place in stages.
Under the new deal, Permira will buy 10 percent initially at a valuation of $1.3 billion and in the second stage, a year after the deal is signed, it will acquire a further 10 percent for $1.5 billion. In the third stage, Permira will buy the remaining IDB’s stake for $1.7 billion.
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