Jared Kushner firm sells 25% of Phoenix Financial stake
Jared Kushner’s Affinity Partners has sold a 25% stake in the Israeli insurance firm Phoenix Financial for NIS 1.05 billion. Despite the sale, the firm remains the largest shareholder in the company, which has seen significant growth since their initial investment.
Why it matters
The transaction reflects major capital movements in the Israeli financial sector and the ongoing investment activities of high-profile US firms.
Eighteen months after becoming the largest shareholder in insurance company Phoenix Financial (TASE: PHOE), Jared Kushner’s Affinity Partners is selling a quarter of its shares for NIS 1.05 billion.
The sale was led by US investment bank Jefferies. Affinity Partners sold 2.5% of the shares in the company to US financial institutions. The sale took place at a discount of 4% on the basis price of the stock this morning. Affinity Partners’ stake in Phoenix Financial is now 7.4%. It remains the largest single shareholder in the company. Its stake following the sale is worth some NIS 3.3 billion. Together with the sale, its gain on its original investment in Phoenix Financial two years ago is NIS 3.4 billion.
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