ADQ cancelled the purchase of a controlling stake in Phoenix due to regulatory limitations. Credit: Gajus / shutterstock.com

A consortium of funds led by Abu Dhabi Development Holding Company (ADQ) has terminated the deal to purchase a controlling stake in Israeli insurer Phoenix Holdings.

The term sheet was cancelled due to anticipated regulatory restrictions on the deal that would have likely prevented numerous consortium members from making additional significant investments in Israel.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Phoenix is a publicly traded company on the Tel Aviv stock exchange with a $2.85bn (NIS10.28bn) market value.

The controlling shareholders in a letter to Phoenix said: “The parties are finalising an agreement pursuant to which the controlling shareholder will sell the consortium shares in the company while still retaining at least 30% of the fully diluted shareholding of the business and thus the control stake.

“It is contemplated that those shares would be sold at the same price per share as that contemplated under the original transaction.” 

Centerbridge Partners and Gallatin Point Capital first announced plans to divest a stake of up to 25%-30% in Phoenix Holdings to UAE-based funds in December 2022.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to a Bloomberg report, the deal was valued at approximately $855m.

Centerbridge Partners and Gallatin Point Capital together hold nearly 33.44% of the stake in Phoenix.

Founded in 2018, ADQ is an Abu Dhabi-based investment and holding company with interests cut across several industries including mobility and logistics, financial services, healthcare and life sciences, food and agriculture, and energy and utilities.