Aura Acquires 55% Stake in Beit BaKfar Housing Chain for NIS 1.7 Billion
Aura is acquiring a 55% controlling stake in the Beit BaKfar protected housing chain for NIS 1.7 billion, backed by a major tender offer for minority holders.
Real estate firm Aura, controlled by Jacob Atrakji, has signed a massive deal to acquire a 55% controlling stake in the Beit BaKfar protected housing chain at a valuation of NIS 1.7 billion.
Under the terms of the agreement, Aura will purchase the shares held by the Bluestein family, the controlling shareholders of Beit BaKfar, for NIS 935 million in cash. Simultaneously, Aura intends to acquire the remaining 45% stake held by minority shareholders through a tender offer, reflecting a 28% premium over the share price.
The minority shareholders include Hapoalim Equity, the investment arm of Bank Hapoalim holding an 18% stake, Mor Investment House with 8%, and Clal Insurance with 6%. While the acquisition from the Bluestein family will be settled entirely in cash, the tender offer will combine NIS 229 million in cash—representing 30% of that transaction's value—with the issuance of Aura shares making up the remaining 70%, which will grant minority investors an 8.8% stake in Aura based on a company valuation of NIS 5.5 billion.
