Horesh and Discount Bank Seek to Revive Billion-Shekel CAL Acquisition Deal
George Horesh and Discount Bank are attempting to revive their 4 billion shekel CAL acquisition deal by introducing a third-party investor to overcome competition authority objections.
George Horesh and Discount Bank are making a renewed push to salvage their multi-billion-shekel acquisition of credit card company CAL, despite the Israel Competition Authority's initial rejection of the deal. Sources indicate that the parties are exploring a revised structure that could bypass regulatory hurdles.
The original transaction, valued at 4 billion shekels, was signed in September 2025, with Horesh's Union group and Harel Insurance agreeing to acquire CAL from Discount Bank. However, the Competition Authority blocked the deal over cross-ownership concerns involving Horesh's stake in Super-Pharm.
To address regulatory concerns regarding sensitive data access, the parties are now discussing bringing in a third-party investor. Investment fund Gallatin is reportedly in talks to acquire a substantial stake of up to 50%, allowing Horesh to relinquish direct control of CAL.
Discount Bank faces a strict regulatory deadline of May 2027 to divest its holdings in CAL. While the bank is simultaneously preparing an initial public offering (IPO) as a fallback option, exhausting avenues to complete the private sale remains the preferred path.
