Our role in robot pool cleaner firm’s buyout

Epstein Rosenblum Maoz (ERM)’s experience on cross-border matters, especially those involving the UK, proved helpful in an acquisition case not so long ago.

We advised the Austrian water conglomerate, BWT, on its acquisition of Israeli pool-cleaning robot company Aquatron from Spain’s Fluidra.

The firm says its line of products substantially reduce the amount of chemicals needed to remove debris and particles from the water.

The sale was widely reported as being valued at around £22 million.

ERM regularly advises clients on a range of corporate, finance, real estate and energy matters, amongst others.

Nasdaq firm reaches for the sky with satellite company

Nasdaq-listed Comtech Telecommunications is to acquire  the Israeli company Gilat Satellite Networks in a cash and stock deal valued at just over £400 million.

Comtech is expected to pay for it with leveraged debt from a consortium of banks.

The Israeli giant, which develops satellite ground stations and modem equipment, presently has multiple owners including the private equity house FIMI.

The combined Comtech-owned group will employ nearly 3,000 people.

Grand plans to expand public transport in Tel Aviv

Stations for Tel Aviv’s ambitious three-line light-rail network are already being developed, but the Israeli Ministry of Transport has also declared plans for other major transport hubs on the outskirts — despite no budget being allocated.

The light rail lines, regular railways, and bus routes would all reach the proposed hubs at Holon, to the south, and Glilot in the north.

It would seek to replace the more central Savidor, Hashalom and Hagana stations as Tel Aviv’s principal transport hubs as part of a plan to increase usage of public transportation from 15 per cent to two-fifths of the population.

Japanese commitment to banking software firm

Japanese financial services group, SBI Holdings has made a £15 million investment in OpenLegacy, the Israeli company that develops software to help banks integrate their older platforms with more modern digital services.

The company was founded in 2014, has 85 employees, with 35 in Israel, and counts Citi and BNP Paribas amongst its clients. 

A renewed look approved for the city of Ramla

With many parts of its centre in need of renewal, the Israeli Central District Planning and Building Commission has approved a white paper by Ramla mayor Michael Vidal to redevelop the ancient city.

It will see central parts converted into the main business district, with commercial, business, residential and tourist development.

1,250 housing units and 125,000 square meters of commercial and business space are proposed.

A pedestrian shopping area would also be built among some of the city’s significant historical sites.

IzBiz is compiled every fortnight for the JC by Jeremy Seeff, partner at ERM, a cross-border law firm based in Tel Aviv for corporate, finance and real estate matters. Read previous editions of IzBiz here.