The deal to sell a controlling stake in Altshuler Shaham Finance was signed on Monday morning, Calcalist has learned. WeSure Global Tech, controlled by Emil Vainshel and Zvi Barak, will acquire a 45% stake in Altshuler Shaham Finance from Altshuler Shaham Ltd., which is owned by Gilad Altshuler and Kalman Shaham, for NIS 800 million ($267 million).
At the same time, Altshuler Shaham Finance CEO Yair Levinstein will acquire an additional 10% stake for approximately NIS 180 million ($60 million). Altshuler and Shaham will continue to manage Altshuler Shaham Ltd., the entity that holds the investment house’s core operations, effectively overseeing all of its business segments except provident funds. However, they are relinquishing control of the company that houses the bulk of Altshuler Shaham’s assets under management. Altshuler Shaham Finance is currently valued at approximately NIS 1.2 billion ($400 million) on the stock market.
Altshuler Shaham Finance will become a subsidiary of WeSure, alongside Ayalon, another subsidiary operating in the insurance sector. The deal will give WeSure two major operating arms, spanning finance and insurance. Ayalon entered the provident fund market in July, raising just over NIS 1 billion ($333 million). Altshuler Shaham Finance manages NIS 112 billion ($37.3 billion), and it remains unclear whether the two companies will continue to operate provident fund businesses concurrently.
WeSure is controlled by Emil Vainshel, who serves as the company’s chairman and holds a 29% stake valued at NIS 706 million ($235 million), and by Zvi Barak’s Caesarea Holdings, which holds a 28.4% stake valued at NIS 687 million ($229 million). WeSure’s primary asset is its 70% stake in insurance company Ayalon, while its own digital insurance business accounts for 15% of the group’s total operations.
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