Advs. Simon Weintraub and Avi Anouchi, together with Shiri Shaham, Ofir Levy, Shai Margalit, Roni Osborne, Ofir Paz, Idan Adar, Zahava Moerdler, interns Dana Kleiman and Samuel Kuperstok, and in close collaboration with Simpson Thacher & Bartlett LLP from London and New York represented the main underwriters JP Morgan Chase and Morgan Stanley (jointly) as well as the primary buyers, including IBI Investment House, in the issuance of Energean International Bonds, in a $2.5 billion transaction. This is the third transaction of bond issues in connection with Israel's natural gas reserves within six months. In total, these IPOs are worth about $5 billion dollars.
Advs. Yuval Shalheveth, Daniel Marcovici and Moshe Pasker represented the Peninsula Group in acquiring Union Bank's diamond dealers credit portfolio, currently (June 2020) valued at $91 million and potentially up to $250 million (assuming all credit lines are utilized). In return, Peninsula will pay an amount equal to the size of the credit portfolio at the time of completion at a discount of between 30% and 45%, subject to the size of the portfolio. The portfolio also includes bad and doubtful debts amounting to over $160 million which will be transferred to Peninsula without any consideration. Negotiations were carried out with representatives of Mizrahi Bank and Union Bank which one of them, as part of the terms of their merger, must sell its credit portfolio, as determined by the Director General of the Israel Competition Authority. The transaction is subject to conditions precedent and in particular the completion of the merger between the banks.
Advs. Barry Levenfeld, Adrian Daniels, Noah Zivan, Vered Glaubach and intern Nitzan Bigman represented Barclays in their role as underwriters in the IPO of clinical-stage bio-pharmaceutical company PolyPid on Nasdaq, in which $60 million were raised. They were joined by Shira Lahat, Daniel Green, Miriam Friedmann, Sophy Litvin, Dr. Eran Lempert, Assaf Mesica and Shai Margalit.
Advs. David Schapiro, Daniel Marcovici Moshe Pasker represented Telrad Networks Ltd. in its purchase of Mermanet Organization and Project Management Ltd. for NIS 102 million. Telrad was represented in its negotiations with the banks for the purpose of raising NIS 78 million, part of the amount required for the transaction.
Advs. Daniel Marcovici and Shai Margalit represented the Eldar Group in a NIS 65 million investment by the Arbel Fund.
Different publications concerning the agreement can be viewed here (Hebrew):
The panel, moderated by Zvi Gabay, a former Commissioner of the Securities Authority Enforcement, referred to a series of Administrative Enforcement issues. Excerpts from the panel were published in the "Echad Haam" magazine of the Public Companies Association, distributed by the Globes newspaper.