Alon Blue Square Israel Ltd made an offer to acquire 55.9% stake in Africa Israel Properties Ltd (TASE:AFPR) from Africa-Israel Investments Ltd (TASE:AFIL) for ILS 1.25 billion on November 9, 2017. As a part of consideration, Alon Blue Square will deposit ILS 50 million in trust to secure the offer. As per announcement made on October 24, 2018, Alon Blue Square Israel Ltd will pay ILS 1.29 billion in cash, plus options on the share's future price amounting to ILS 130 million. Alon Blue Square Israel Ltd, controlled by Moti Ben-Moshe, who is raising ILS 200 million debt for this acquisition. In a related deal, Extra Holdings will inject ILS 150 million in cash, if the offer is accepted and ILS 100 million in case of rejection. The deal is subject to approval of bond holders of Africa Investments. Alon Blue Square Israel Ltd's Board approved the transaction. The transaction is expected to close on December 13, 2018. Isaac Idan was the economic advisor to bondholders.

Alon Blue Square Israel Ltd cancelled the acquisition of 55.9% stake in AFI Properties Ltd (TASE:AFPR) from Africa-Israel Investments Ltd on May 25, 2019.