Airport City NIS1.7 billion buy-out of Nitsba

Overview:

• Airport City acquired all the shares it did not own in real estate business Nitsba Holding for NIS1.7 billion, and took the company private.  
• Prior to the transaction, Nitsba's shares were trading on the Tel Aviv Stock Exchange (TASE). 
• Airport City, a public company trading on TASE, was Nitsba's majority shareholder and completed the buy-out of the business through a reverse triangular merger. 
• Still a relatively new structure for Israel, reverse triangular mergers have become popular with companies seeking to delist from TASE.
• TASE's onerous reporting requirements have caused a number of companies decide to delist and go private or use a listing on another exchange to trade the companies' shares. 

Ben Naylor - Regional editor