UAE group to take controlling stake in largest Israeli insurer

A consortium of U.A.E.-based funds led by sovereign wealth fund Abu Dhabi Developmental Holding Co. PJSC (ADQ) has agreed to acquire a controlling stake in Israel’s largest insurer, Phoenix Insurance Co., from U.S. private investment firms Centerbridge Partners LP and Gallatin Point Capital LLC, Times of Israel reported. As part of the deal, ADQ will acquire a 25% to 30% stake in the Israeli insurer for 2.3 billion Israeli Shekels ($674 million). The transaction is subject to regulatory approvals.