Fattal Hotel Management Ltd. will float its European Leonardo brand hotel business on the TASE through a reverse merger with Tamir Fishman Real Estate Ltd. (TASE: TFRE).
Tamir Fishman Real Estate's board of directors approved the deal. Fattal Hotel will transfer 90% of its Leonardo operations to the company in exchange for a 90% stake in it. Fattal Hotel provisionally estimates the value of the business at €142.4 million. The non-binding estimate is seven times more than earlier estimates of NIS 100 million.
The Leonardo brand has 34 hotels in Switzerland, Germany, and Belgium.
Tamir Fishman Real Estate is a venture of Tamir Fishman Investment House Ltd. that has operations. Tamir Fishman Real Estate's share price rose 6% by midday to NIS 1.98, giving a market cap of NIS 41 million.
No comments:
Post a Comment