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International

Israeli conglomarate sells insurance arm to Chinese group

July 04, 2016 Reprints

Israeli conglomerate Delek Group said that it has signed a non-binding agreement to sell its insurance unit Phoenix Holdings Ltd. to China's Fujian Yango Group for at least 1.85 billion Israeli shekels ($481 million), reported Reuters.

Fujian Yango Group will purchase 52.3% stake in Phoenix.

Delek Group said that the deal is subject to regulatory approvals.

Delek's deal to sell the insurer to U.S.-based AmTrust Financial Services Inc. was cancelled recently.

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Israeli conglomarate sells insurance arm to Chinese group

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