Apax Partners NIS450 million buy-out of Psagot

Overview:

• Apax Partners acquired the remaining 23.2% it did not own in Psagot from Markstone Capital Group for NIS450 million as the indebted seller raised funds to repay creditors.
• London based private equity fund, Apax, already held 76.8% in Psagot - Israel's largest investment house - having acquired the majority share from York Capital in 2010 for $576 million. 
• The majority of Apax's fee will be paid directly to Markstone's creditors. 

Ben Naylor - Regional Editor