PRESS RELEASE
22 July 2020

Yigal Arnon & Co. Represented Peninsula In Acquiring Union Bank's Diamond Dealers Credit Portfolio

YA
Yigal Arnon & Co

Contributor

Yigal Arnon & Co logo
Yigal Arnon & Co. is one of the leading and most respected law firms in Israel. It has been consistently ranked as a top-tier firm by international legal directories. The firm is a "one-stop-shop" that provides a full range of legal services to its extensive client base in various practices and industries.
The portfolio also includes bad and doubtful debts amounting to over $160 million which will be transferred to Peninsula without any consideration.
Israel

Advs. Yuval Shalheveth, Daniel Marcovici and Moshe Pasker represented the Peninsula Group in acquiring Union Bank's diamond dealers credit portfolio, currently (June 2020) valued at $91 million and potentially up to $250 million (assuming all credit lines are utilized). In return, Peninsula will pay an amount equal to the size of the credit portfolio at the time of completion at a discount of between 30% and 45%, subject to the size of the portfolio. The portfolio also includes bad and doubtful debts amounting to over $160 million which will be transferred to Peninsula without any consideration. Negotiations were carried out with representatives of Mizrahi Bank and Union Bank which one of them, as part of the terms of their merger, must sell its credit portfolio, as determined by the Director General of the Israel Competition Authority. The transaction is subject to conditions precedent and in particular the completion of the merger between the banks.

To read the press release, please click here.

PRESS RELEASE
22 July 2020

Yigal Arnon & Co. Represented Peninsula In Acquiring Union Bank's Diamond Dealers Credit Portfolio

Israel

Contributor

Yigal Arnon & Co logo
Yigal Arnon & Co. is one of the leading and most respected law firms in Israel. It has been consistently ranked as a top-tier firm by international legal directories. The firm is a "one-stop-shop" that provides a full range of legal services to its extensive client base in various practices and industries.

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