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Foreign exchanges express interest in Tel Aviv bourse stake

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Foreign exchanges express interest in Tel Aviv bourse stake

Over 10 foreign stock exchanges are interested in purchasing a controlling stake in Israel's Tel Aviv Stock Exchange Ltd., "a source close to the exchange" told Reuters.

Israeli media reported that 10 exchanges have signed nondisclosure agreements, including entities from London, Toronto, Hong Kong, Singapore, Australia and Warsaw, Reuters reported Feb. 27. However the Tel Aviv bourse, which has until April 18 to agree to a buyback offer, declined to comment.

The exchange demutualized in September 2017 and became a for-profit exchange, and has offered to buy out its investors to list in 2019 for about $150 million, the newswire wrote.

In February, CEO Ittai Ben-Zeev said the Tel Aviv Stock Exchange has commitments from member banks to buy back 71.7% of their shares. This stake will be sold to a major foreign exchange, Reuters said.

Ben-Zeev said he is "sure" a deal will happen by mid-April.

As of Feb. 27, US$1 was equivalent to 3.48 Israeli shekels.