Competition Authority Approves 25% Stake Acquisition in YBOX

A significant milestone has been reached in the major real estate deal as the Competition Authority approved the acquisition of approximately 25% of YBOX shares. YBOX, co-owned by Yitzhak Tshuva and his son Elad, along with Gefen Magurim, announced the regulatory clearance to the stock exchange.

Deal Structure and Financial Details

The transaction involves the purchase of 25.4% of the issued share capital and voting rights in YBOX. Gefen Magurim will acquire 20% of YBOX shares for approximately 76 million shekels, while Tamir Cohen will acquire 5.4% of the shares.

The receipt of regulatory approval fulfills the required suspensive condition, and company executives estimate that the transaction will be officially finalized in the coming days.

Under the initial agreement reported in September, corporations controlled by Gefen Magurim, headed by Tzahi Abu, and businessman Tamir Cohen are purchasing the shares of YBOX founder Yaakov Gursad. Cohen is set to receive advisory and brokerage fees of approximately 5.9 million shekels plus VAT from Gefen, alongside a 10.1 million shekel loan provided by Gefen to finance the share acquisition, repayable in a single payment after three years.

Expansion in the Real Estate Market

This move adds to a series of expansion steps by Tzahi Abu in the real estate sector, including his holdings in Ari Real Estate, Abu Income-Producing Real Estate, and Gefen Magurim. Abu recently brought in Leumi Partners as a partner with a 70 million shekel investment.

Additionally, Abu Family Magurim recently acquired 50 residential units from Azorim in the N Weizmann project in Netanya for approximately 120 million shekels including VAT. The purchase comprises 42 four-room apartments and 8 five-room apartments, expected to be delivered in a few months at an estimated 15% discount to market price.