A nonbinding agreement by American-Israeli businesswoman Shari Arison to sell 49% of Arison Holdings to a group of investors from North America has collapsed, Reuters reported.

Israel-based Arison Holdings, through which Arison holds a 20.1% stake in local lender Bank Hapoalim BM, said in a statement that the transaction, which was disclosed in September 2017, could not "progress to a binding accord" as a result of a "lack of agreement on commercial issues," the Feb. 21 reported noted.

The potential investors were reportedly expected to get seats on the board of Bank Hapoalim, which is being probed by U.S. authorities over allegedly assisting its U.S. clients in evading taxes. A source close to Arison Holdings told Reuters that the investigation was not behind the deal falling apart, as the acquiring parties were aware of the matter at the time of signing the nonbinding agreement.

The source added that Arison Holdings is open to discussions with other possible buyers, although nothing was in the pipeline, according to the newswire.