The Dayan family completed the acquisition of Africa Israel Hotels, Ltd. from Africa-Israel Investments Ltd and Netz Hotels Ltd for approximately ILS 270 million.
The Dayan family completed the acquisition of Africa Israel Hotels, Ltd. from Africa-Israel Investments Ltd (TASE:AFIL) and Netz Hotels Ltd (TASE:NZHT) for approximately ILS 270 million on October 18, 2017. At closing, ILS 260 million was paid in cash. ILS 17 million was deducted from the amount of the consideration (consideration for the release), in lieu of the amount of ILS 14.5 million as was agreed to in the addendum to the agreement. At closing, ILS 260 million was paid in cash which was the balance of the consideration of the agreement, after deducting the consideration for the release, after deducting the amount remaining in the trust account, and after deducting additional amounts based on a reconciliation between the parties, including an initial reconciliation in respect of Africa Israel Hotels' working capital. ILS 11 million remained in the trust account to secure various payments that Africa Israel Hotels might be obligated to cover in respect of employers' levies and various payments to authorities, and to secure Netz Hotels' share in the obligation to discharge the customers' debts to Africa Israel Hotels.