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Tel Aviv Stock Exchange to sell controlling stake in April

Israel's Tel Aviv Stock Exchange Ltd. intends to sell a controlling stake to a foreign exchange in April, Reuters reported, citing CEO Ittai Ben-Zeev.

Ben-Zeev did not reveal a likely buyer but said TASE has been in talks with more than one major foreign exchange operator, the Feb. 5 report said. He added that a mid-April deal is "for sure."

The stake to be sold will comprise shares bought back from the exchange's bank members in an offer that followed its demutualization in September 2017. Some 71.7% of the banks' collective stake has been committed to the buyback, which values the exchange at 500 million Israeli shekels, Ben-Zeev told Reuters.

Banks would retain a 22% stake and exchange employees a 6% stake following the stake sale, the report noted.

As of Feb. 5, US$1 was equivalent to 3.45 Israeli shekels.