Victory Eyes Carrefour Israel Stake Ahead of Anticipated 900M Shekel IPO

Victory Supermarket Chain is once again setting its sights on Carrefour Israel following a failed merger attempt earlier this year. According to market sources, Victory, controlled by Eyal Ravid, is preparing for a potential move and has approached the Israel Competition Authority for a pre-ruling process to secure regulatory approval.

Carrefour Israel is controlled by Electra Consumer Products, owned by brothers Mikey and Dani Zalkind, and has initiated a roadshow ahead of an anticipated initial public offering (IPO) targeting a valuation of approximately 900 million shekels. The company aims to raise 350 to 400 million shekels, largely through a secondary offering where Electra Consumer Products will sell about 25 percent of its current 49.5 percent stake, effectively stepping down from majority control to a 24.9 percent holding.

Victory's previous two-month merger talks collapsed in January due to disagreements over leadership and share allocation ratios, as Ravid sought to lead the merged entity. While a direct full merger is currently deemed impractical given market valuations, industry insiders indicate that Victory is exploring the acquisition of a 5 to 10 percent stake during the upcoming IPO as a strategic stepping stone toward a future takeover.

Other stakeholders in Carrefour Israel include Nahum Bitan with a 23 percent stake, French investor Simon Pinto with 15 percent, and Phoenix Holdings with 13 percent. Carrefour currently operates 140 branches and is led by newly appointed CEO Inbal Harson, while Victory operates 70 branches, reporting first-half sales of 1.3 billion shekels.