Direct Insurance - Financial Investments Ltd. (TASE: DIFI) has signed a letter of intent to sell 20% of wholly-owned subsidiary IDI Israel Direct Insurance Ltd. to Battery Ventures for NIS 160 million, reflecting a company value of NIS 800 million.
Direct Insurance CEO Doron Schneidman said, "The value for the investment in IDI reflects the company's achievements, technological leadership, and growth potential of Direct Insurance in general and IDI in particular. We believe that our experience accumulated over the years will help IDI consolidate its position as a leader in its field in Israel."
Direct Insurance's share price rose 4.6% by early afternoon to NIS 8.63, giving a market cap NIS 820 million.
No comments:
Post a Comment