Competition Authority allows Delek takeover of Isracard

The Competitors Authority is taken into account the better of the 2 regulatory hurdles that the deal should overcome, the opposite being the Supervisor of Banks.

The Competitors Authority, headed by Adv. Michal Cohen, has authorized the takeover of bank card firm Isracard (TASE: ISCD) by Delek Group (TASE: DLEKG), managed by Yitzhak Tshuva and headed by Idan Wallace.

The Competitors Authority’s determination is certainly one of two regulatory hurdles that Delek Group wants to beat earlier than it could possibly full its deliberate takeover of Isracard at a valuation of NIS 3.65 billion. It is usually the better of the 2 to acquire, since Delek Group has nearly no exercise that would represent a barrier to competitors. The second regulator, the Supervisor of Banks on the Financial institution of Israel, could also be harder to persuade.

Isracard shareholders approve acquisition by Delek

Isracard is a bank card firm supervised by the Financial institution of Israel. In December, when Delek’s bid for Isracard grew to become public, it was reported that it had begun discussions with the Financial institution of Israel on the transfer as early as June final yr. The Supervisor of Banks, Daniel Hahiashvili, has his personal timetable, and a strict strategy to all levels of the method. However, the evaluation is that Delek will ultimately acquire the approval it wants.

Printed by Globes, Israel enterprise information – en.globes.co.il – on March 14, 2025.