News

| Avner Finkelshtein
March 7th, 2018

Gornitzky represented the Israel Hotel Association before the Antitrust Authority in a request for an exemption joint procurement agreements.

Gornitzky represented the Israel Hotel Association before the Antitrust Authority in a request for an exemption to joint procurement agreements. Within the framework of the agreements, the Hotel Association shall conduct negotiations with vendors on behalf of members of the Association for the purchase of various products, including: textile, detergents, kitchenware, furniture, etc. The exemption granted by the Antitrust Authority is contingent upon the fact that any hotel will be permitted to join the agreement, even if it is not a member of the Association (subject to payment), and provided that the three large hotel chains - Fattal, Isrotel and Dan - are not party to the agreement.
The Hotel Association was represented by Adv. Avner Finkelshtein (Partner) and Noa Schweitzer Amar (Associate).

April 5th, 2017

Gornitzky represents Mobile operator Golan Telecom, which was acquired by Electra Consumer Products (ECP) for NIS 350 million.

Upon receiving all necessary regulatory approvals, the acquisition of Golan Telecom by ECP for NIS 350 million has been completed. The deal was signed at the start of January 2017, and upon completion of ECP's due diligence and receipt of all regulatory approvals, the deal was consummated with ECP acquiring control of Golan Telecom.


Golan Telecom and its shareholders were represented by Chaim Friedland (Partner, Corporate), Lior Porat (Partner, Telecoms), Avner Finkelshtein (Partner, Antitrust), together with Avi Meer, Asaf Avtuvi and Noa Schweitzer.

 

March 31st, 2016

Yet another successful year and recognition of our outstanding abilities! This year, as in previous years, Chambers and Partners, top ranked our firm in various categories. 

Yet another successful year and recognition of our outstanding abilities! This year, as in previous years, the esteemed international ranking guide, Chambers and Partners, top ranked our firm in various categories. Among those prominently ranked were the Head of the Firm, Adv. Pinhas Rubin, who was ranked Eminent Practitioner in the field of Banking and Mergers and Acquisitions, as well as Band 1 in the field of Tax and Litigation; Adv. Jack Smith (Partner) was ranked Band 1 in the field of Energy and Adv. Chaim Friedland (Partner) was ranked Band 1 in the field of Capital Markets. Additional partners, defined as leaders in their field are Eyal Marom and Shlomo Cohen in Real Estate, Ofer Tzur in Litigation, Itay Geffen in Capital Markets and Infrastructure and Project Finance, Elite Elkon, Eli Elya and Dubi Gross in Banking and Finance, Daniel Paserman and Gil Grady in Tax and Avner Finkelshtein in Antitrust

October 21st, 2015

Gornitzky represented Lumen Capital controlled by the Weil family in its successful bid for and acquisition of the "Nesher" cement production facility in Hartuv, Israel

Gornitzky represented Lumen Capital controlled by the Weil family in its successful bid for and acquisition of the "Nesher" cement production facility in Hartuv, Israel. The sale of this facility by Nesher Israel Cement Enterprises Ltd. was carried out pursuant to the divestiture order of the Israeli Antitrust Commissioner. As a result of this transaction the cement production market has been opened to competition after a period of 67 years of being subject to a complete and exclusive monopoly held by Nesher.

The Gornitzky team was led by Partners Itay Geffen (Corporate, Infrastructure & Project Finance), Chaim Friedland (Corporate, Mergers & Acquisitions), Avner Finkelshtein (Antitrust) and associate Yael Kleinman.

July 8th, 2015

Gornitzky represented Oxygen and Argon Works Ltd. in the signing of a NIS 186 million investment transaction with FIMI Opportunity Funds.

Gornitzky represented Oxygen and Argon Works Ltd. ("OXAR"), one of Israel's largest manufacturers and suppliers of industrial gases, in the signing of a NIS 186 million investment transaction with FIMI Opportunity Funds, for which FIMI shall receive 51% of OXAR's share capital. The closing of the investment is subject to, inter alia, the approval of the Israel Antitrust Authority.

 

Oxygen and Argon Works provides industrial gases to over 500 institutions and factories in Israel, including leading companies in the metal, electronic, chemical, petrochemical, food, glass and recycling (environmental) industries, as well as research institutes, universities, medical institutions and the Israeli Ministry of Defense.

 

The representation of Oxygen and Argon Works Ltd. was led by Gur Y. Savir (Partner) and Uri Heller. The proceedings vis-à-vis the Israel Antitrust Authority are being led by Avner Finkelshtein (Partner) and Noa Schweitzer.

February 2nd, 2015

Gornitzky represented Fortissimo in its acquisition of a group of companies, including Enercon Ariel Ltd.

Gornitzky & Co. represented Fortissimo Capital Fund in its acquisition of a group of companies, including Enercon Ariel Ltd. The companies develop, produce and market power supply and UPS systems, which are used by leading manufacturers of aviation, aerospace, naval and ground military/defense equipment, as well as for civilian use. The purchase amount is undisclosed.

 

Enercon Ariel Ltd. is a leading designer/manufacturer of custom power supplies for the aerospace and defense industries.

 

Fortissimo Capital Fund was represented by Chaim Friedland (Partner), Timor Belan (Partner), Avner Finkelshtein (Partner, Antitrust), Michael Ayalon (Partner, Labor Law), Idan Baki (Partner, Finance), Shira Porat (Finance), Lior Grinblat, and Ariel Davis.   

January 12th, 2015

Gornitzky represented Israel Corporation as the conglomerate split itself into two parts, and in the dual-listing of its spin-off, Kenon Holdings Ltd., on the TASE and on the NYSE.

Gornitzky represented Israel Corporation (TASE: ILCO) as the conglomerate split itself into two parts by way of a distribution of a dividend in kind, and in the dual-listing of its Singaporian spin-off corporation, Kenon Holdings Ltd. (TASE: KEN, NYSE: KEN) on the Tel Aviv Stock Exchange and on the New York Stock Exchange.

 

Israel Corporation and Kenon were represented by Pinhas Rubin (Firm Chairman) and Lior Porat (Partner), together with Elite Elkon-May-Tal (Partner), Gil Grady (Partner, tax), Yair Shiloni (Partner, capital markets), Idan Baki (Partner, finance), Avner Finkelshtein (Partner, antitrust), Nurit Traurik (Partner), Ori Yitzhak, Itamar Ben Yehuda (capital markets), Avishai Marom, Amit Levy, Shira Porat (finance) and Natalie Dragot.

April 1st, 2014

Gornitzky represented Strauss Investments (1993) Ltd. in a change of shareholders composition in Reshet-Noga Ltd., the Israeli Channel 2 concessioner. 

Gornitzky represented Strauss Investments (1993) Ltd. in a change of shareholders composition in Reshet-Noga Ltd., the Israeli Channel 2 concessioner, and the entrance of a new major shareholder – Endemol Group.

 

Strauss Investments (1993) Ltd. was represented by Lior Porat (Partner), Avner Finkelstein (Partner, Antitrust) and Yoav Meer.

January 16th, 2014

Gornitzky represented Shilav Group Ltd. in the sale of all of its shares in Tiny Love Ltd. and affiliated companies.

Gornitzky represented Shilav Group Ltd. in the sale of all of its shares in Tiny Love Ltd. and its U.S. and Chinese affiliates to Dorel Industries Inc. (TSX: DII/B), a Canadian corporation based in Quebec. Dorel Industries designs and manufactures for three areas: juvenile, home furnishings and recreational/leisure. The purchase price was not disclosed.

 

Tiny Love Ltd. is in the business of designing, developing and supplying retailers and distributors with activity gyms, mobiles, baby gear, baby toys and on-the-go baby toys.

 

Shilav Group Ltd. was represented by Chaim Friedland (Partner), Timor Belan (Partner), Avner Finkelshtein (Partner, Antitrust) and Yoav Meer.

July 1st, 2013

Recently, Gornitzky & Co. welcomed a new partner to its ranks, Mr. Avner Finkelshtein. Also to join the firm, are nine new associates.

Recently, Gornitzky & Co. welcomed a new partner to its ranks, Avner Finkelshtein. Also to join the firm, are nine new associates.

 

Mr. Finkelshtein joined the firm as an associate in 2011, after serving as Deputy Director and legal counsel of the Investigations Department at the Israel Antitrust Authority. He specializes in a wide variety of competition law matters, such as mergers and acquisitions, criminal cartel investigations, joint ventures, abuse of dominance, distribution and pricing practices and other legislations governing foreign investments in Israel.

Gornitzky & Co. has also welcomed nine new associates to its ranks, including Sagit Amit-Evan,  Avi Meer, Danna Parnes, Gilad Rosen (CPA) and Nurit Lifshitz. Also to join the firm - Liron Gilor, Nimrod Saville, Moran Shanni and Eyal Rivner, who have recently completed their legal clerkship.

April 28th, 2013

Gornitzky represented Chinese conglomerate, Fosun International Ltd., in their acquisition of Alma Lasers Ltd. for approximately USD 240 million.

Gornitzky represented Chinese conglomerate, Fosun International Ltd. (HK: 656), in all legal aspects of their approximately USD 240 million acquisition of a 95.6% stake in Alma Lasers Ltd., a manufacturer of lasers used in cosmetic surgery. Alma Lasers was purchased by Fosun International's subsidiaries, Shanghai Fosun Pharmaceuticals (Group) Co. Ltd. and Chindex Medical Ltd., and its private equity fund, Pramerica-Fosun China Opportunity Fund.

 

Fosun International is the largest private-owned (non-governmental) conglomerate in Mainland China. This is Fosun International's first acquisition since its public offering on the Hong Kong Stock Exchange and its first ever investment outside of China.

 

Fosun International Ltd. was represented by Chaim Friedland (Partner, Corporate), Gil Grady (Partner, Tax), Dubi Gross (Partner, Corporate), Avner Finkelshtein (Antitrust), Gilad Lubinsky (Litigation), Michael Ayalon (Labor), Mirit Ber-Hoffman, Yehonatan Raff, Joanna Yanowsky and Yoav Meer.

January 7th, 2013

Avner Finkelshtein, who leads Gornitzky's Antitrust & Competition practice, was featured in an article in the Calcalist newspaper discussing the Israel Antitrust Authority's shift in focus from classic cartels to bid rigging offenses.

Avner Finkelshtein, who leads Gornitzky's Antitrust & Competition practice and is the formerly Deputy Director and legal counsel of the Investigations Department at the Israel Antitrust Authority (IAA), was featured in an article in the Calcalist newspaper discussing the Israel Antitrust Authority's shift in focus from classic cartels to bid rigging offenses.

 

Mr. Finkelshtein speculates that this phenomenon, which he believes will only grow with time, is not only the product of what the IAA calls 'a national calamity', but rather "It is possible that there is a more practical explanation that stems from the relative ease by which the IAA can expose and investigate tender bid rigging offenses. Procurement managers in the public or private sector that are even the slightest bit alert can easily spot suspicious activity patterns of tender bidders." And this, Mr. Finkelshtein maintains, shortens the process leading to an investigation and discovery of bid rigging offenses, unlike with classic cartels, which is much more difficult to prove.

December 21st, 2011

Gornitzky represented Cabaret Security Ltd. and Arba One Inc., two of the main selling shareholders in the $40 million financing of Cyber-Ark Software Ltd.

Gornitzky represented Cabaret Security Ltd. and Arba One Inc., two of the main selling shareholders in the $40 million financing of Cyber-Ark Software Ltd.

 

The transaction involved a USD 40 million joint investment in Cyber-Ark by JVP (one of Israel's prominent VC funds) and Goldman Sachs, in a combination of a primary (issuance) and secondary (purchase from existing shareholders) stock transaction.

 

As of the closing of the financing round, Cyber-Ark's shareholders are JVP, Vertex Venture Capital, Goldman Sachs, JPMorgan Chase Partners, Cabaret Security Ltd. and Arba One Inc., Softbank Ltd. affiliate Seed Capital Partners, and Nochi Dankner-controlled IDB Development Corp. Ltd.

 

The team handling the representation included Chaim Friedland (Partner), Avner Finkelshtein and Yisrael Spero.

August 13th, 2017

Gornitzky represents Fortissimo Capital Fund in its acquisition of Tuttnauer Co. Ltd. 

Gornitzky represented Fortissimo Capital Fund in its acquisition of Tuttnauer Co. Ltd. Since 1925, Tuttnauer has been and continues to operate as a leading manufacturer and supplier of autoclaves, washers and other sterilization applications and devices.

 

Fortissimo was represented by Chaim Friedland (Partner, Corporate/M&A), Idan Baki (Partner, Finance), Avner Finkelshtein (Partner, Antitrust), together with associates Yoav Meer, Alon Peled, Nir Knoll and Coral Leshez.

December 5th, 2016

Gornitzky represents Golan Telecom in its appeal to the Antirust Court regarding the Antirust Commissioner's decision to oppose the merger transaction between Golan Telecom and Cellcom Israel

Gornitzky represents Golan Telecom in its appeal to the Antirust Court regarding the  Antirust Commissioner's decision to oppose the merger transaction between Golan Telecom and Cellcom Israel.


Read full story in Globes (Hebrew)

 

Golan Telecom is represented by Avner Finkelshtein (partner) and Noa Schweitzer Amar

February 25th, 2016

Gornitzky represents IHI, owner of the Hilton Tel Aviv hotel, in their Merger Notification and Request for an Exemption to a Restrictive Agreement filed with the Israeli Antitrust Authority.

Gornitzky represented IHI, owner of the Hilton Tel Aviv hotel, in their Merger Notification and Request for an Exemption to a Restrictive Agreement filed with the Israeli Antitrust Authority. The filing had to do with the renewal of an agreement that will allow IHI and Hilton's continuous management of the prestigious Hilton hotel, in the coming 20 years.

 

See the decision of the Antitrust Authority


The antitrust representation was led by Adv. Avner Finkelstein (partner) and Adv. Noga Blickstein Shchory.

September 16th, 2015

Gornitzky & Co. represented Fortissimo Capital Fund in its acquisition of Fishman Thermo Technologies LTD. Fishman is a leading manufacturer and supplier of cooling system products for the automotive industry.

Gornitzky & Co. represented Fortissimo Capital Fund in its acquisition of Fishman Thermo Technologies LTD from Tene for Investment F.E., Limited Partnership, Origo 1 Manof Fund, Limited Partnership, Origo 2 Manof Fund, Limited Partnership & Ilanit Cohen. Fishman is a leading manufacturer and supplier of cooling system products for the automotive industry.

Fortissimo Capital Fund was represented by Chaim Friedland (Partner, Corporate/M&A), Avner Finkelshtein (Partner, Antitrust), Yehonatan RafAvi Meer, Nir Knoll and Noa Schweitzer

June 9th, 2015

Gornitzky is representing IC Power Ltd. in the NIS 60 million purchase of a 120 MW co-generation power plant in Hadera.

Gornitzky is representing IC Power Ltd. in the NIS 60 million purchase of a 120 MW co-generation power plant in Hadera from Hadera Paper Ltd. Following the acquisition, IC Power will exclusively provide Hadera Paper with electricity for a period of 21 years. The closing of the purchase is subject to, inter alia, the approval of the Israel Antitrust Authority.

 

 


IC Power Ltd. is represented by Jack Smith (Partner), Moshe Krieger, Arielle Ruimi, Shira Porat and Moran Shanni. The proceedings vis-à-vis the Israel Antitrust Authority are being led by Avner Finkelshtein (Partner).

January 26th, 2015

Gornitzky & Co. represented Fortissimo Capital Fund in its acquisition of Synergy Cables Ltd. for NIS 15 million. 

Gornitzky & Co. represented Fortissimo Capital Fund in its acquisition of Synergy Cables Ltd. for NIS 15 million. The transaction was conducted through the Beer Sheba District Court in the context of corporate reorganization proceedings with respect to Synergy Cables and its publicly traded bonds.

Synergy Cables, headquartered in Sderot, Israel, is a global supplier of power & electrical cables.

Fortissimo Capital Fund was represented by Chaim Friedland (Partner, Corporate/M&A), Yaron Elhawi (Partner, Restructuring & Insolvency), Yair Shiloni (Partner, Capital Markets), and Avner Finkelshtein (Partner, Antitrust).

July 3rd, 2014

Partner Avner Finkelshtein participated in a panel group discussion on antitrust and competition matters.

Partner Avner Finkelshtein participated in a panel group discussion on antitrust and competition matters.  The topics discussed included excessive legislation, the growth in manpower at the Israel Antitrust Authority and the Law for Enhancement of Competition in the Israeli Food Sector as an example of competitive activism.  Avner's advice to the IAA, "My advice to the IAA is to dare to listen to the private sector...if they would listen they could avoid mistakes".

February 2nd, 2014

Gornitzky & Co. represented Fortissimo Capital Fund in its NIS 192 million acquisition of Eshbel Technologies Ltd., after receiving court approval for the transaction.

Gornitzky & Co. represented Fortissimo Capital Fund in its NIS 192 million acquisition of Eshbel Technologies Ltd. The transaction was conducted through the Central Region District Court in the context of insolvency proceedings with respect to Eshbel.

 

Eshbel is the developer of Priority, proprietary ERP software for small and medium businesses worldwide.

 

Fortissimo Capital Fund was represented by Chaim Friedland (Partner, Corporate/M&A), Maya Sabari (Sadeh) (Partner, Litigation), Idan Baki (Partner, Finance), Avner Finkelshtein (Partner, Antitrust) and Ariel Davis.

December 10th, 2013

Gornitzky represented Materna Industries in an agreed order with the Israel Antitrust Authority, whereby the leading infant nutrition company will not be declared a member of an oligopoly.

Gornitzky represented Materna Industries in an agreed order with the Israel Antitrust Authority, whereby the Commissioner will not declare Materna, Israel's leading infant nutrition company, a member of a concentration group (oligopoly) under the amended Israeli Restrictive Trade Practices Law. Terms for infant formula distribution to Israeli hospitals have also been regulated in the agreement.

 

Materna Industries Limited Partnership, owned by Osem-Nestle (TASE: OSEM), was represented by Avner Finkelshtein (Partner), Sagit Ohana-Livne (Partner) and Ehud Katzenelson.

May 8th, 2013

Gornitzky represented an international consortium of investors in the acquisition of a controlling stake in Carmel Winery, valued at NIS 130 million.

Gornitzky represented an international consortium of investors in the acquisition of a controlling stake in Carmel Winery. The winery, valued at NIS 130 million, is Israel’s oldest and largest commercial winery, founded in 1882 by Baron Edmond de Rothschild.

 

The purchasing consortium was organized by Kedma Capital, a private equity fund, and is comprised of both Israeli and foreign investors, including the Jesselson family.

The investors were represented by Chaim Friedland (Partner), Yisrael Spero (Partner), Avner Finkelshtein and Yoav Meer.

April 24th, 2013

Gornitzky advised Prolor Biotech Inc. in their merger with Opko Health Inc., under which Opko will acquire Prolor in a stock-for-stock merger valued at approximately USD 480 million.

Gornitzky advised Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH) in connection with their proposed merger with Opko Health Inc. (NYSE: OPK). Under the merger agreement, Opko will acquire Prolor for USD 480 million in shares, one third more than its market cap of approximately USD 370 million. The merger is subject to various conditions, including stockholder approval and regulatory approvals.

 

Prolor Biotech Inc., a biopharmaceutical company focused on developing and commercializing longer-acting proprietary versions of already approved therapeutic proteins, was represented by Chaim Friedland (Partner, Corporate), Gil Grady (Partner, Tax), Dubi Gross (Partner, Corporate), Avner Finkelshtein (Antitrust), Yehonatan Raff and Ariel Davis.

October 19th, 2012

Gornitzky & Co. represented Fortissimo Capital in their USD 80.3 million purchase of Starhome BV, a subsidiary of Comverse Technology Inc. (NASDAQ: CMVT), as well as in the financing of the transaction.

Gornitzky & Co. represented Fortissimo Capital,  in their USD 80.3 million purchase of Starhome BV, a subsidiary of Comverse Technology Inc. (NASDAQ: CMVT), as well as in the financing of the transaction.

 

In addition to legal representation of the private equity fund in the purchase and financing of the transaction, Gornitzky & Co. also negotiated a complex transitional services agreement, which provides Starhome with continued support services from Comverse.

 

Starhome is a leading provider of international roaming solutions and their products are used by more than 200 mobile operators worldwide, including by 20 of the 30 largest operators in the world. Fortissimo Capital is a group of private equity funds managing half a billion dollars.

 

Fortissimo was represented by Chaim Friedland (Partner, Corporate/M&A), Benjamin Waltuch (Partner, Corporate/M&A), Yoram Arad (Partner, Technology/Commercial), Idan Baki (Partner, Banking/Finance), Avner Finkelshtein (Antitrust), Yehonatan Raff  and Ariel Davis.

November 1st, 2011

Gornitzky & Co. welcomed Mr. Avner Finkelshtein, formerly of the Israel Antitrust Authority, to join the firm's Antitrust & Competition practice.

Gornitzky & Co. welcomed Mr. Avner Finkelshtein, formerly of the Israel Antitrust Authority, to join the firm's Antitrust & Competition practice.

 

Prior to joining Gornitzky & Co. and over the course of ten years, Avner served in a variety of positions at the Israel Antitrust Authority, most recently as Deputy Director and legal counsel of the Investigations Department. In serving in these positions, Avner was responsible for many cartel investigations conducted by the IAA over the past decade, and represented the IAA's general director before the District Court of Jerusalem and the Competition Tribunal on several leading cases, including criminal cartels and merger cases.