A Disney-owned investment company has purchased nearly a quarter stake in one of Israel’s largest companies in what is believed to be the largest foreign investment in an Israeli company.
Shamrock Investments, an investment group controlled by communications mogul Roy Disney, acquired a 22.5 percent interest in Koor Industries.
The deal was valued at $252 million, said Stanley Gold, Shamrock president.
Shamrock, which is based in Burback, Calif., purchased 3.9 million shares of Koor stock from Hevrat HaOvdim, a holding company of the Histadrut labor federation.
By selling all its shares in Koor, Histadrut divested itself of its main business holding. Hisradrut represents about 60 percent of Israel’s workers.
Koor, one of Israel’s biggest and most profitable conglomerates, employs about 20,000 people in 30 businesses, including communications, chemicals, electronics nd construction materials. After falling into bear-bankruptcy a decade ago, Koor posted a net profit of $124 million on revenues of $7.8 billion in 1993.
For the first nine months of 2994, koor showed a net profit of $97.5 million.
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