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Azrieli Group, Bank Leumi selling stakes in Israel's Leumi Card for 2.5B shekels

Israeli real estate company Azrieli Group and Bank Leumi entered a deal to sell their holdings in credit cards issuer Leumi Card Ltd. to U.S.-based private equity firm Warburg Pincus for 2.5 billion shekels.

Azrieli is set to receive 500 million shekels for its 20% stake in the business. Warburg Pincus will pay the total consideration, which is unadjusted, in three installments: a roughly 1.05 billion-shekel payment on the deal closing, a payment of 342 million shekels a year after the closing and a final payment of 1.11 billion shekels two years following the closing of the transaction.

The deal has a three-month period for the fulfillment of conditions precedent, with an extension option for a further three months. If the sale is not completed by Dec. 31, an annual interest rate of 8% will be applied to the consideration from Jan. 1, 2019, until the completion of the transaction.

In a release, Azrieli CEO Eyal Henkin said the stake sale is part of the company's plan to divest its noncore businesses and focus its operations on income-producing real estate.

As of July 27, US$1 was equivalent to 3.65 shekels.