Bank of Jerusalem's Bold Move for Isracard Acquisition Ahead of Shareholder Vote
Deal News | Dec 13, 2024 | White & Case
The article discusses Bank of Jerusalem's proposed acquisition of Isracard, a leading Israeli credit card company. White & Case LLP, a global law firm, is advising Bank of Jerusalem on this strategic 'deal jump' move, which was announced just days before Isracard's shareholders are set to vote on selling a controlling interest to Menorah Mivtachim Holdings. Bank of Jerusalem's proposed acquisition includes acquiring 100% of Isracard's shares through a combination of cash and share swap. This transaction would see Isracard transition into a privately held subsidiary wholly owned by Bank of Jerusalem. The advice from White & Case involves a team led by M&A partners in New York and London, underscoring the significance of the legal, financial, and strategic aspects of this high-profile competitive bid in the financial services sector.
Sectors
- Financial Services
- Legal Services
Geography
- Israel – The article's focal point is an Israeli financial institution and credit company, Bank of Jerusalem, and Isracard respectively.
- United States – White & Case's advisory role includes partners from New York, indicating the involvement of US-based legal expertise.
- United Kingdom – White & Case's advisory role includes partners from London, pointing to involvement of UK-based legal expertise.
Industry
- Financial Services – The core of the article centers around Bank of Jerusalem’s acquisition attempt of Isracard, a major credit card company, indicating activity in the financial services sector.
- Legal Services – White & Case LLP's involvement as a legal advisor highlights the relevance of the legal services industry in large-scale M&A transactions.
Financials
- 100% – Percentage of Isracard’s shares that Bank of Jerusalem aims to acquire.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bank of Jerusalem | Bidding Company | Company | An Israeli bank aiming to acquire Isracard through a strategic offer. |
| Isracard | Target Company | Company | A leading Israeli credit card company targeted for acquisition. |
| Menorah Mivtachim Holdings | Competing Bidder | Company | A financial services group that holds an investment agreement with Isracard. |
| White & Case LLP | Legal Advisor | Company | A global law firm advising Bank of Jerusalem on the proposed acquisition. |
| Keith Hallam | M&A Partner | Person | Partner at White & Case leading the advisory team from New York. |
| Daniel Turgel | M&A Partner | Person | Partner at White & Case leading the advisory team from London. |
| Anna Soroka | Capital Markets Partner | Person | Capital Markets partner at White & Case involved in the advisory role from London. |