News

| Ori Yitzhak
December 14th, 2017

Gornitzky represents Fattal Group in a transaction for the purchase of 36 hotels in England, Scotland and Ireland.

Gornitzky represented Fattal Group in a joint transaction with a Swedish partner that operates 120 hotels in Northern Europe for the acquisition of the management and rental rights of 36 hotels in Jurys Inn in England, Scotland and Ireland for a period of 25 years. The total consideration of the transaction is £ 800 million and Fattal's share is £ 120 million.

 

This is the largest transaction for the purchase of hotels ever made by an Israeli company in Europe, and includes a complex series of multi-stage agreements, including finance agreements (with international and Israeli financiers), management and rental agreements and a framework agreement with the partner, inter-alia, in order to obtain the desired structure and distribution of the portfolio.

 

The companies were represented by Partners Jack Smith and Ori Yitzhak together with Associates Yael Kleinman and Samuel Berkowitz.

January 19th, 2017

Gornitzky represented the sole investor in a USD 2 million venture investment in a healthcare startup.

Gornitzky represented the sole investor in a USD 2 million venture investment in a healthcare startup.

 

The investor was represented by Ori Yitzhak (Partner) and Avi Meer.

 

August 22nd, 2016

Gornitzky represents the Delek Group in the NIS 1.95 billion sale of their controlling stake in The Phoenix Holdings Ltd. to Fujian Yango Group Co.

Gornitzky represents the Israeli conglomerate Delek Group (DLEKG:TASE) in the NIS 1.95 billion sale of their controlling stake in The Phoenix Holdings Ltd. (PHOE1:TASE), the holding company of one of Israel's largest insurance companies and one of the country's largest investment houses (Excellence), to Fujian Yango Group Co., Ltd., the largest privately-owned conglomerate in mainland China.
This deal is the first major sale since the Committee on Increasing Competitiveness in the Israeli Economy resolved that control holders cannot hold both large financial and large non-financial companies simultaneously. This will also be the first time that a Chinese company purchases such a highly regulated asset in Israel. The closing of the transaction is subject to obtaining the relevant permits.

 

See full story in Reuters

 

Delek Group is represented by Pinhas Rubin (Firm Chairman), Elite Elkon (Partner), Ori Yitzhak (Partner) and Avi Meer.

December 6th, 2015

Gornitzky represents Fattal Group in the sale and lease back of a portfolio of 18 hotels in Germany, valued at EUR 400 million

Gornitzky successfully represented Fattal Group in a sale and lease back transaction, of a portfolio of 18 hotels located in 12 cities in Germany, valued at EUR 400 million. The purchaser and lessor is Pandox Hotels, a leading Swedish hotel owner listed on the Stockholm Exchange.

Concurrent to the sale Fattal Group has signed a long term lease agreement with regards to the hotels that were sold.

 

See full story

 

The Fattal Group wase represented by Jack Smith (partner), Ori Yitzhak (Partner) and Samuel Berkowitz

June 24th, 2015

Gornitzky is representing Delek Group Ltd. in the sale of their controlling stake in Phoenix Holdings Ltd. to an affiliate of Fosun International Limited, the largest privately-owned conglomerate in Mainland China.

Gornitzky is representing Delek Group Ltd. in the sale of their controlling stake in Phoenix Holdings Ltd., which holds one of Israel's leading insurance companies (The Phoenix) and one of Israel’s largest investment houses (Excellence), to an affiliate of Fosun International Limited, the largest privately-owned conglomerate in Mainland China. This is the first time that a Chinese-owned company is purchasing a highly regulated financial institution in Israel. 

 

Delek Group is represented by Pinhas Rubin (Firm Chairman), Elite Elkon May-Tal (Partner), Ori Yitzhak, Avi Meer and Ady Abrams.

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.

September 10th, 2012

Gornitzky represented ADO Group Ltd. in a deal to bring in Harel Group as a strategic partner in the company by way of allotment of shares and convertible debentures to Harel Group in exchange for NIS 75 million.

Gornitzky represented ADO Group Ltd. in a deal to bring in Harel Group as a strategic partner in the company by way of allotment of shares and convertible debentures to Harel Group in exchange for NIS 75 million.

In the context of this transaction, Gornitzky assisted the company in their negotiations with Harel and in the obtainment of the necessary consents from third parties, as well as in capital markets related aspects.

 

ADO Group Ltd. is a public company listed on the Tel Aviv Stock Exchange.

 

Mr. Yair Shiloni (Partner), Mr. Ori Yitzhak and Mr. Yonatan Zehavi led the representation.

 

September 19th, 2017

Gornitzky represents Delek Group in the sale of the Phoenix shares.

Gornitzky represented Delek Group Ltd. in a transaction for the sale of 4.9% of the share capital of the Phoenix Holdings Ltd., and for the grant of an option to the buyer to acquire the remaining shares held by Delek Group (totaling 52.25%) and thus control of the company. The aggregate consideration payable upon the sale of 4.9% and the exercise of the option equals approximately NIS 2.5 billion. The Phoenix Holdings holds the Phoenix Insurance Company, one of Israel's largest insurance companies, and Excellence, one of Israel's largest investment houses.

 

Delek Group was represented by Pinhas Rubin (Head of the Firm), Elite Elkon (Partner), Ori Yitzhak (Partner), together with Avi Meer and Alon Peled (Associates).

December 8th, 2016

Gornitzky represented Bank Hapoalim and other syndicate banks in refinancing a part of Bright Food (Group) Co. Ltd.'s buyout of Tnuva

Gornitzky represented Bank Hapoalim as arranger and lender and other syndicate lenders - Discount Bank, First International Bank of Israel, Clal insurance company and The Phoenix insurance company, in a multicurrency syndicated loans for refinancing a part of Bright Food (Group) Co. Ltd.'s acquisition financing of Israeli food company Tnuva from 2015, the largest financing of a Chinese purchaser in Israel and one of the largest transactions in Israel in recent years.

The clients was represented by Eli Elya (partner), Dubi Gross (partner), Ori Yitzhak (partner), Gila Ponte-Shlush, Nir Keidar and Alon Peled

February 16th, 2016

Gornitzky represented the sole investor in a USD 2 million venture investment in a healthcare startup.

Gornitzky represented the sole investor in a USD 2 million venture investment in a healthcare startup.

The investor was represented by Ori Yitzhak (Partner, Corporate/M&A), Gil Grady (Partner, Tax) and Avi Meer.


The investment was the investor’s second investment in the startup following the startup’s USD 3 million Series A round in August 2013. Gornitzky (Yisrael Spero (Partner, Corporate M&A) and Avi Meer) represented the investor in the Series A round.

July 6th, 2015

Gornitzky represented Fattal Hotels Ltd. in the purchase of 63% of the partnership interests in Fattal Hotels Fund L.P. 

Gornitzky represented Fattal Hotels Ltd. in the purchase of 63% of the partnership interests in Fattal Hotels Fund L.P. Fattal Hotels Fund currently holds 18 hotels across Europe, including Germany, Belgium and Switzerland. The transaction reflects an aggregate value of €200 million to the portfolio. 

 

Fattal Hotels Ltd. were represented by Jack Smith (Partner), Kfir Yadgar (Partner), Ori Yitzhak and Samuel Berkowitz.

March 30th, 2015

Gornitzky & Co. represented the Bank Hapoalim and other syndicate banks in financing a part of Bright Food (Group) Co., Ltd.'s buyout of the Israeli food company, Tnuva.  

Gornitzky & Co. represented the Bank Hapoalim (as arranger and original lender) and other syndicate banks (Bank Discount, First International Bank of Israel and Clal Insurance Enterprises Holdings Ltd.) in financing a part of Bright Food (Group) Co., Ltd.'s buyout of the Israeli food company, Tnuva.  


The lenders were represented by Eli Elya (Partner and Practice Head), Elite Elkon May-Tal (Partner), Dubi Gross (Partner), Nir KeidarOri Yitzhak, Gila Ponte-Shlush, Amnon Biss and Ady Abrams.

April 21st, 2013

Gornitzky represented Isramco Ltd. in a USD 500 million loan from Deutsche Bank and Natixis, which will be used in part to finance the development of the Tamar gas field.

Gornitzky represented Isramco Ltd. (NASDAQ: ISRL; TASE: ISRA.L) in a USD 500 million loan from Deutsche Bank (NYSE: DB; DAX: DBK) and Natixis (FP: KN), which will be used to repay the company's bridge loan for the financing of the development of its share in the Tamar gas field, and for further development of the field.

 

Isramco Ltd. was represented by Elite Elkon May-Tal (Partner) and Ori Yitzhak.