Delek's deal to sell insurer Phoenix Holdings to U.S. company cancelled
Posted On: Mar. 3, 2016 12:00 AM CSTIsraeli conglomerate Delek Group said that a deal to sell its insurance unit Phoenix Holdings Ltd. has been cancelled, reported Reuters.
The non-binding letter of intent for a U.S. insurer to buy Phoenix Holdings was canceled by both sides, said Delek Group. Sources have identified the buyer as U.S.-based AmTrust Financial Services Inc. Delek's deal to sell a 52.31% stake in the insurer to Chinese conglomerate Fosun International Ltd. was also cancelled recently.