Mega Or Holdings Ltd (TASE:MGOR) and BIG Shopping Centers Ltd (TASE:BIG) along with additional investors presented a binding and irrevocable proposition to acquire 56% stake in Africa Israel Properties Ltd (TASE:AFPR) from Africa-Israel Investments Ltd (TASE:AFIL) for ILS 1.4 billion on February 14, 2019. As reported, the offerors offered to acquire 15.9 million shares of Africa Israel Properties Ltd in exchange for the payment in cash of ILS 1.4 billion, or alternatively, as Africa-Israel Investments decides, 14.5 million shares of Africa Israel Properties Ltd, representing 51% of the issued and paid up share capital in exchange for payment in cash of ILS 1.2 billion. Mega Or Holdings and BIG Shopping Centers' part in the offer pertains to 3.7 million shares of Africa Israel Properties Ltd, representing 13% of issued and paid up share capital in exchange for the payment in cash of ILS 0.32 billion. Africa-Israel is selling 14.5 million Mega shares representing 51% stake for a total of ILS 1.3 billion. The consideration in respect of the shares will be paid in cash when the shares are cleared of any debt, lien and restriction, and after approval of the court and fulfillment of the suspending conditions by March 3, 2019. Mega Or Holdings intends to fund the purchase form its own resources. The offer is conditional on the the shares being transferred to the offerors against payment of the consideration until no later than the expiration date of the offer, court's approval being given for the sale and transfer of the shares to the offerors and until the expiration date of the offer and the transfer of the shares to the offerors, no capital transactions being carried out in Africa Israel Properties. As of February 22, 2019, the transaction is approved by the bondholders of Africa Israel Properties. On March 3, 2019, the transaction was been approved by the Tel Aviv District Court.

Mega Or Holdings Ltd (TASE:MGOR) and BIG Shopping Centers Ltd (TASE:BIG) along with additional investors completed the acquisition of 51% stake in Africa Israel Properties Ltd (TASE:AFPR) from Africa-Israel Investments Ltd (TASE:AFIL) on March 6, 2019. Big Shopping Centers and Mega Or Holdings now hold 13% of Africa Israel Properties Ltd while the remaining 74% of Africa Israel Properties' shares are held by various institutional investors and the public.