News

| Corporate
September 5th, 2017

Gornitzky successfully represents Luzon Group in a claim regarding Dorad Power Plant shareholders.

Gornitzky represented Luzon Group in a claim in which the group declared that the lien of shares of Dori Energy (a shareholder in the Dorad power plant),serving as a security for an NIS 1.8 million bond-raising, does not necessarily prompt the right of first refusal incorporated in the Dorad Power Plant shareholders' agreement.


At the end of the proceeding, a meticulous ruling was issued, accepting the claim in full and ordering high expenses to be paid to the company. The ruling dealt with fundamental, complex commercial and corporate issues and the manner in which they are to be applied in the area of financial and contractual conduct of public corporations.


The company was represented by Eli Cohen (Partner) and Associates Daniel Lasry and Alex Feldsher.

January 1st, 2017

Gornitzky's Dispute Resolution team successfully represented Bezeq the Israel Telecommunication Corp. Ltd. before the Supreme Court, receiving an unprecedented ruling in Corporate Law 

Gornitzky's Dispute Resolution team successfully represented Bezeq the Israel Telecommunication Corp. Ltd. before the Israeli Supreme Court, resulting in an exceptional ruling in favour of Bezeq, dismissing two appeals over the decision of the honourable Judge Kaboub at the Tel Aviv District Court which denied two motions to approve a derivative suit.
Among others, the ruling unprecedentedly asserts the absorption of the Delawarean Business Judgment Rule within the Israeli Corporate law.

 

Bezeq was represented by Pinhas Rubin (firm chairman), Lior Porat (partner), Asaf Avtuvi and Ehud Katzenelson

July 20th, 2016

Yet another successful year and recognition of our outstanding abilities! This year, as in previous years, the esteemed ranking guide, Coface Bdi, top ranked our firm in 14 Tier 1 categories

Yet another successful year and recognition of our outstanding abilities! This year, as in previous years, the esteemed ranking guide, Coface Bdi, top ranked our firm in 14 Tier 1 categories. The leading rankings include Banking & Finance, Tax, Litigation & Dispute Resolution, Mergers & Acquisitions, Capital Markets & Securities, Infrastructure & Project Finance, Energy & Natural Resources, Corporate, Real Estate & Construction, Real Estate taxation, Class Actions & Derivative Suits, Telecoms & Media, Restructuring & Insolvency, Trusts, Estates & Wealth Management.

March 30th, 2016

Dan Public Transportation Ltd. sold 50% of its land rights in Bnei Brak to Ashtrom Properties Ltd.. The two plan to construct, among others, three office buildings, as well as a commercial complex

Dan Public Transportation Ltd. And Ashtrom Propertie Ltd. completed a transaction to sell 50% of the rights in the Dan Garage in Bnei Brak to Ashtrom for 100 million NIS.

 

According to the agreement, Dan and Ashtrom will establish a partnership, in which they will realize the land rights in order to build an office and commercial complex in the extent of 1000 sqm., including two buildings.

 

The said land is about 3.3 acres in the city of Bnei Brak. Today, it serves as a garage and bus parking lot for Dan. The partnership intends to construct three office buildings, about 35 floors each, as well as a commercial complex. In the first stage, a 40,000 sqm. tower will be built, followed by an additional similar tower, which will include, among others, commercial areas, offices and upper and underground parking lots. Simultaneously, the partnership will act to receive additional rights which will enable the construction of the third tower.

 

See full story (Hebrew)

 

Dan Group was represented by Adv. Shlomo Cohen (Partner) and Adv. Lior Relevy (Partner) and Lior Grinblat

February 17th, 2016

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership, in a USD 8 million investment round in Kaymera Technologies Ltd.

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership, a Chinese investment fund, and its affiliate, Fortune China Limited, in a USD 8 million investment round in Kaymera Technologies Ltd. in which they were the leading investors.

Kaymera Technologies Ltd. provides a comprehensive mobile enterprise security solution that defends against all mobile threat and attack vectors.

 

Shanghai GEOC Hengtong Investment Limited Partnership and Fortune China Limited were represented by Timor Belan (Partner), Avi Meer and Bar Sarafian (Labor).

November 11th, 2015

Gornitzky represented the underwriters, led by Piper Jaffray, in Vascular Biogenics Ltd.’s (operating as VBL Therapeutics) USD 15 million offering of shares and warrants on the NASDAQ Global Market. VBL Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for cancer.

Gornitzky represented the underwriters, led by Piper Jaffray, in Vascular Biogenics Ltd.’s (operating as VBL Therapeutics) USD 15 million offering of shares and warrants on the NASDAQ Global Market. VBL Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for cancer.

 

Piper Jaffray & Co. acted as sole bookrunner for the offering. JMP Securities acted as lead manager and Roth Capital Partners and LifeSci Capital acted as co-managers.

 

The underwriters were represented by Chaim Friedland (Partner), Ari Fried (Partner) and Yoav Meer.

 

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 9th, 2015

Gornitzky represented 3D Systems Corporation (NYSE: DDD) in its USD 97 million acquisition of all outstanding shares in Cimatron Ltd. (NASDAQ: CIMT), a leading provider of integrated 3D CAD/CAM software products.

Gornitzky represented 3D Systems Corporation (NYSE: DDD) in its USD 97 million acquisition of all outstanding shares in Cimatron Ltd. (NASDAQ: CIMT), a leading provider of integrated 3D CAD/CAM software products.

 

3D Systems Corporation, a market leader in 3D printing, was represented by Chaim Friedland (Partner), Assaf Harel, Yehontan Raff, Danielle Skald (Tax), Bar Sarafian (Labor Law) and Ben Goldman.

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).

December 29th, 2014

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership, a Chinese investment fund, and its affiliate, Fortune China Ltd. in a USD 10 million investment in Highcon Systems Ltd.

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership and its affiliate, Fortune China Ltd., in a USD 10 million investment in Highcon Systems Ltd. 

 

Highcon Systems Ltd. is the manufacturer of a revolutionary digital converting solution for the Direct-to-Pack Folding Carton sector, the Highcon Euclid - the world’s first production digital cutting and creasing machine.

 

Shanghai GEOC Hengtong Investment Limited Partnership and Fortune China Ltd. were represented by Timor Belan (Partner) and Avi Meer.

November 26th, 2014

Gornitzky represented Northland Capital Markets in the USD 10 million follow-on offering of On Track Innovations Ltd. (NASDAQ: OTIV) on the NASDAQ Global Market.

Gornitzky represented Northland Capital Markets in the USD 10 million follow-on offering of On Track Innovations Ltd. (NASDAQ: OTIV) on the NASDAQ Global Market.  Northland Securities acted as sole underwriter for the offering.

 

Northland Capital Markets, a boutique investment banking firm that focuses on growth companies and institutional investors, was represented by Chaim Friedland (Partner), Ari Fried (Partner) and Yoav Meer.

November 9th, 2014

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership, a Chinese investment fund, and its affiliate, Fortune China Ltd. in a USD 12 million investment in CNoga Medical Ltd.

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership and its affiliate, Fortune China Ltd., in a USD 12 million investment in CNoga Medical Ltd.

 

Cnoga Medical Ltd. is a developer of home medical screening devices using non-invasive monitoring technology.

 

Shanghai GEOC Hengtong Investment Limited Partnership and Fortune China Ltd. were represented by Timor Belan (Partner) and Ariel Davis.

September 15th, 2014

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership, a Chinese investment fund, and its affiliate, Fortune China Ltd. in a USD 12.5 million investment in InSightec Ltd.

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership and its affiliate, Fortune China Ltd., in a USD 12.5 million investment in InSightec Ltd.

 

InSightec Ltd. is a global leader and pioneer in MR-guided focused ultrasound therapy for non-invasive treatment of various clinical indications.

 

Shanghai GEOC Hengtong Investment Limited Partnership and Fortune China Ltd. were represented by Timor Belan (Partner), Yehonatan Raff and Bat-Chen Mazor.

August 5th, 2014

Gornitzky & Co. represented the underwriters, led by Credit Suisse and Jefferies in Macrocure Ltd.’s USD 53.5 million initial public offering on the NASDAQ Global Market.

Gornitzky & Co. represented the underwriters, led by Credit Suisse and Jefferies in Macrocure Ltd.’s USD 53.5 million initial public offering on the NASDAQ Global Market.

Credit Suisse and Jefferies acted as joint book-running managers for the offering. Nomura Securities and Oppenheimer & Co. acted as co-managers for the offering.

The underwriters were represented by Chaim Friedland (Partner), Ari Fried (Partner) and Yoav Meer.

April 2nd, 2014

Gornitzky represented Altria Group Inc. in its acquisition of Green Smoke Inc., an electronic cigarette business, for USD 110 million and up to USD 20 million in incentive payments.

Gornitzky represented Altria Group Inc. (NYSE: MO) in its acquisition of Green Smoke Inc., an electronic cigarette business, and its affiliates. Altria, which owns the top U.S. cigarette maker, Philip Morris USA, has purchased Green Smoke for USD 110 million and up to USD 20 million in incentive payments.

 

Altria Group Inc. was represented by Chaim Friedland (Partner, Corporate M&A), Yoram Arad (Partner, High-Tech), Ari Fried (Partner, Corporate M&A), Idan Baki (Partner, Finance), Michael Ayalon (Partner, Labor), Dafna Michalevich-Bacharach (High-Tech), Avi Meer (Corporate) and Joanna Yanowsky (Labor).

February 27th, 2014

Dubi Gross, a partner at Gornitzky & Co., was featured in an article in the Globes newspaper on China's penetration into the Israeli market.

Dubi Gross, a partner at Gornitzky & Co., was featured in an article in the Globes newspaper on China's penetration into the Israeli market, in light of the possible sale of Israeli dairy manufacturer, Tnuva, to China’s state-owned Bright Foods company.

 

Mr. Gross maintains that there are several important factors to take into account when doing business with the Chinese, "The Chinese internal procedures, such as decision-making procedures, are highly structured and different from what we are accustomed to. They are longer processes, with a particular order, and you can not bypass or shorten the procedures." Mr. Gross attributes this in part to the numerous Chinese regulatory demands and authorizations required when taking money out of the country. As one who represents Chinese companies in negotiations, he noted their thorough and pleasant nature; even in tense situations.

Read the full story (Hebrew):

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 19th, 2013

Gornitzky represented YES Pharma Ltd. in its purchase of 33% ownership of Stereokem Inc., a developer and manufacturer of active pharmaceutical ingredients (APIs).

Gornitzky represented YES Pharma Ltd. in its purchase of 33% ownership of Stereokem Inc. a developer and manufacturer of active pharmaceutical ingredients (APIs). Stereokem is a US-based pharmaceutical industry leader, with much of its business concentrated in India.

 

Yes Pharma Ltd. is a distribution company, involved in both exclusive representation and global supply of pharmaceutical ingredients, with specialization in providing full sourcing options, complete technical capabilities and regulatory support for a wide range of APIs.

 

Yes Pharma was represented by Yisrael Spero (Partner) and Ariel Davis.

June 9th, 2013

Gornitzky represented Rutledge Vine Capital in its second equity investment in Getonic Ltd., a private company which developed a social-shop platform. 

Gornitzky represented Rutledge Vine Capital in its second equity investment in Getonic Ltd., a private company which developed a social-shop platform. Rutledge's investment in Getonic is its second investment in the company following an investment made in mid-2012, where it was also represented by Gornitzky.

 

Rutledge Vine Capital is a global Super Angel Investor that provides early stage venture funding to startup and seed companies and technovation research projects across the world.

 

Rutledge was represented by Ari Fried (Partner).

June 4th, 2013

Gornitzky & Co. represented Starhome BV in their purchase of MACH, which is being divested by Syniverse Technologies LLC.

Gornitzky & Co. represented Starhome BV in their purchase of MACH’s data clearing and NRTRDE business within the European Economic Area, under a corporate divestiture by Syniverse Technologies LLC, as mandated and instructed by the European Commission (antitrust). The acquisition is contingent upon approval of the transaction by the European Commission and other applicable jurisdictions.

 

Starhome is a leading global 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. MACH is a leading provider of cloud-based managed communication services worldwide.

 

Starhome BV was represented by Chaim Friedland (Partner, Corporate/M&A), Yoram Arad (Partner, Technology/Commercial), Yisrael Spero (Partner, Corporate/M&A/Regulatory), Yehonatan Raff, Avi Meer and Ariel Davis.

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.

February 1st, 2013

Gornitzky & Co. represented one of the world's leading banks in the Israeli aspects of a USD 50 million loan facility to an international biotechnology company with an Israeli subsidiary.

Gornitzky & Co. represented one of the world's leading banks (traded on the Deutsche Börse and the NYSE) in the Israeli aspects of a USD 50 million loan facility to an international biotechnology company with an Israeli subsidiary.

 

The bank was represented by Benjamin Waltuch (Partner), Idan Baki (Partner) and Ariel Davis.

January 2nd, 2013

Gornitzky & Co. represented Hadas Arazim Investment House, in a merger transaction with Halman-Aldubi, subsequent to which the joint investment house will manage assets and investment in the scope of approximately USD 5 billion.

Gornitzky & Co. represented Hadas Arazim Investment House, in a merger transaction with Halman-Aldubi, subsequent to which the joint investment house will manage assets and investment in the scope of approximately USD 5 billion.

 

The transaction included the transfer and sale of shares in Hadas Arazim's subsidiaries, the merger of Hadas Arazim's provident funds management company with Halman Aldubi's provident funds management company and the refinancing of bank loans.

 

Hadas Arazim was represented by Chaim Friedland (Partner), Timor Belan (Partner) and Inbal Ravid-Badner.

August 31st, 2017

Gornitzky represents Bezeq in a motion to hold an additional court session regarding the Supreme Court's ruling on the matter of dividend distribution.

Gornitzky represented Bezeq, the Israeli Communication Corp. Ltd,. in a motion to hold an additional Supreme Court session regarding its ruling from December 2016, which dismissed an appeal over the District Court's ruling that denied motions to approve a derivative lawsuit on behalf of Bezeq, in relation to capital reduction and dividend distribution executed by Bezeq. In her decision, Supreme Court President, Justice Naor, denied the plaintiff's motion to hold an additional court session, stating that the motion does not fall within the rare cases which justify holding an additional hearing.

Bezeq was represented by Pinhas Rubin (Chairman of the Firm), Lior Porat (Managing Partner), Asaf Avtuvi (Partner) and Ehud Katzenelson (Associate).

December 19th, 2016

Gornitzky represents Sabon Shel Pa’am and its Shareholders in the Sale by its shareholders of approximately 70% of the shareholding of Sabon to Yves Rocher Group

Gornitzky represented Sabon Shel Pa’am (“Sabon”) and its Shareholders in the sale by its shareholders of approximately 70% of the shareholding of Sabon to Yves Rocher Group. Sabon is a leading producer and retailer of cosmetic, body care, home style and ambience products sold in concept stores around the world. Yves Rocher is a worldwide cosmetics and beauty brand, based in La Gacilly, France. Yves Rocher is present in 88 countries on five continents

As part of the transaction, the selling shareholders will continue to hold a significant position in the global company and shall take an active role in the management of the company for the next several years, after which they shall have an exit right. In addition to negotiating the sale agreement, we were required to negotiate a shareholders agreement between Yves Rocher and the selling shareholders for the relationship between the parties and the management of the companies.

For further reading in the Marker (Hebrew)

Sabon Shel Pa’am (“Sabon”) and its Shareholders is represented by Chaim Friedland (partner), Yehonatan Raff, Yoav Meer, Sam Berkowitz, Danielle Skald (tax) and Bar Sarafian (labour)

April 11th, 2016

Gornitzky & Co. is representing AHAVA shareholders in connection with the sale of 100% of AHAVA's shares to Fosun Group for an aggregate price of NIS 290 million

Gornitzky represented the shareholders of AHAVA - Dead Sea Laboratories Ltd., a manufacturer of cosmetic products composed of mineral-rich mud from the Dead Sea. Its products are sold in over 25 different countries. Gornitzky advised the shareholders in connection with the sale of 100% of the shares to the large Chinese investment conglomerate, Fosun Group, for an aggregate price of NIS 290 million. Within the framework of the agreement, Fosun will purchase the share capital of all of AHAVA’s shareholders, Gaon Holdings, the Livnat family, Shamrock Israel Growth Fund, Kibbutz Mitzpeh Shalem and Kibbutz Kalia.

 

See related article in Globes, one of Israel’s leading financial daily newspapers.

 

The shareholders were represented by Chaim Friedland (Partner, Corporate/M&A), Yoav Meer  (Corporate), Nir Knoll (Corporate), Danielle Skald (Tax), Bar Sarafian (Employment)

March 16th, 2016

Gornitzky represented Osem in a motion to deny an urgent petition by one of Osem's shareholders to grant temporary relief, for the purpose of postponing the general meeting of Osem's shareholders

Gornitzky & Co. represented Osem Investments Ltd. (TASE: OSEM, a part of the Nestle group)  in a motion to deny an urgent petition by one of Osem's shareholders to grant temporary relief, for the purpose of postponing the date on which the general meeting of Osem's shareholders is scheduled to take place (March 17th, 2016). The meeting's agenda will include the approval of the reverse triangular merger between Osem and Nestle, in which Nestle is expected to purchase public holdings in Osem, which in turn will become a private company under Nestle's full ownership.

 

Osem Investments Ltd. was represented by Adv. Noam Ronen (Partner) and Adv. Tom Alkalay

November 25th, 2015

Lior Porat (Partner) was featured in an article in "TheMarker" magazine with regards to public companies board members' liabilities 

Lior Porat (Partner) was featured in an article in "TheMarker" magazine with regards to public companies board members' liabilities vis-a-vis a recent Supreme Court ruling mentioning that "board members are well aware of the matter and public companies today are very meticulous on keeping elaborated protocols".


Read the full story (hebrew item)

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.

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.

February 1st, 2015

Gornitzky represented Israel Corporation in the successful interim decision in a derivative suit against the company, whereby the court accepted the motion not to reveal attorney-client privileged information discussed in board meetings.

Gornitzky represented Israel Corporation in the successful interim decision in a derivative suit against the company, whereby the Economic Division of the Tel Aviv District Court accepted the motion not to reveal attorney-client privileged information discussed in board meetings. The derivative suit is in relation to the restructuring of the company's subsidiary, Zim Integrated Shipping Services Ltd.

 

Israel Corporation is represented by Pinhas Rubin (Firm Chairman), Noam Ronen (Partner) and Noga Haruvi.

 

For more information on our class actions practice, visit here.

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.

December 29th, 2014

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership, a Chinese investment fund, and its affiliate, Fortune China Ltd. in a USD 5 million investment in Vascular Graft Solutions Ltd.

Gornitzky represented Shanghai GEOC Hengtong Investment Limited Partnership, a Chinese investment fund, and its affiliate, Fortune China Ltd. in a USD 5 million investment in Vascular Graft Solutions Ltd.

 

Vascular Graft Solutions Ltd. is a developer of innovative solutions to improve the outcome of bypass surgery and patients’ quality of life. 

 

Shanghai GEOC Hengtong Investment Limited Partnership and Fortune China Ltd. were represented by Timor Belan (Partner) and Assaf Harel.

November 19th, 2014

Gornitzky represented the underwriters, led by Jefferies and Cowen and Company, in the USD 45 million initial public offering of NeuroDerm Ltd. on the NASDAQ Global Market.

Gornitzky represented the underwriters, led by Jefferies and Cowen and Company, in the USD 45 million initial public offering of NeuroDerm Ltd. on the NASDAQ Global Market.


Jefferies and Cowen and Company acted as joint book-running managers for the offering. Oppenheimer & Co. and Roth Capital Partners acted as co-managers for the offering.

 

The underwriters were represented by Chaim Friedland (Partner), Ari Fried (Partner) and Yehonatan Raff.

October 6th, 2014

Gornitzky represented the underwriters, led by Deutsche Bank, in the USD 40 million initial public offering of Vascular Biogenics Ltd. (operating as VBL Therapeutics) on the NASDAQ Global Market.

Gornitzky represented the underwriters, led by Deutsche Bank, in the USD 40 million initial public offering of Vascular Biogenics Ltd. (operating as VBL Therapeutics) on the NASDAQ Global Market.

 

Deutsche Bank acted as book-running manager for the offering. JMP Securities and Oppenheimer & Co. acted as co-managers for the offering.

The underwriters were represented by Chaim Friedland (Partner), Ari Fried (Partner) and Yoav Meer.

August 31st, 2014

Gornitzky represented 3D Systems Inc. in the USD 120 million cash acquisition of Simbionix.

Gornitzky represented 3D Systems Inc. in the USD 120 million cash acquisition of Simbionix USA Corp., a developer of 3D virtual reality simulation systems for training doctors to conduct complex surgical and treatment procedures.

 

3D Systems Inc. (NYSE: DDD) was represented by Chaim Friedland (Partner), Daniel Paserman (Partner, Tax), Avi Meer and Danielle Skald.

May 5th, 2014

Chaim Friedland, a partner at Gornitzky & Co., was featured in an article in The American Lawyer magazine on the rising business activity in Israel's financial markets.

Chaim Friedland, a partner at Gornitzky & Co., was featured in an article in The American Lawyer magazine on the rising business activity in Israel's financial markets and the growing number of Israeli companies listed outside Israel.

 

Mr. Friedland attributes the growth to the fact that, "The companies that are coming out of Israel are highly innovative and cater to global markets.  They have outgrown the size of the Israeli stock exchange." Mr. Friedland believes that Israeli companies' natural affinity for US stock markets creates an opportunity to raise US investors' awareness of Israeli companies.  This, together with the inviting Israeli regulations for foreign investors, has had a major hand in the economic turnaround Israel has witnessed over the last year.

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.

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.

September 11th, 2013

Gornitzky represented Rutledge Vine Capital in its equity investment in Tok Media International Ltd., a private company in the social media space. 

Gornitzky represented Rutledge Vine Capital in its equity investment in Tok Media International Ltd., a private company in the social media space. Rutledge's investment in Tok Media is its second investment in the company following an investment earlier this year, where it was also represented by Gornitzky.

Rutledge Vine Capital is a global Super Angel Investor that provides early stage venture funding to startup and seed companies and technovation research projects across the globe.

Rutledge was represented by Ari Fried (Partner) and Yehonathan Raff.

 

June 10th, 2013

Gornitzky represented Kadimastem Ltd. in its USD 5.5 million initial public offering on the Tel Aviv Stock Exchange.

Gornitzky represented Kadimastem Ltd. (TASE: KDST) in its initial public offering of 3.1 million shares on the Tel Aviv Stock Exchange, for approximately USD 5.5 million. The underwriter of the offering was Rosario Capital Ltd.


Kadimastem is an Israeli biotechnology company focused on the industrial development and commercialization of human pluripotent stem cell-based products for the pharmaceutical and/or medical treatment of diabetes, neurodegenerative diseases and other indications.


Kadimastem Ltd. was represented by Sharon Werker-Sagy (Partner) and Etai Mashiah.

June 9th, 2013

Gornitzky represented Rutledge Vine Capital in its second equity investment in Getonic Ltd., a private company which developed a social-shop platform. 

Gornitzky represented Rutledge Vine Capital in its second equity investment in Getonic Ltd., a private company which developed a social-shop platform. Rutledge's investment in Getonic is its second investment in the company following an investment made in mid-2012, where it was also represented by Gornitzky.

 

Rutledge Vine Capital is a global Super Angel Investor that provides early stage venture funding to startup and seed companies and technovation research projects across the world.

 

Rutledge was represented by Ari Fried (Partner).

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.

January 28th, 2013

Mr. Pinhas Rubin, Firm Chairman at Gornitzky & Co., was featured in an article in The Marker discussing Amendment 20 to the Companies Law, which requires companies to establish a wage policy and strengthens the position of minority shareholders.

Mr. Pinhas Rubin, Firm Chairman at Gornitzky & Co., was featured in an article in The Marker discussing Amendment 20 to the Companies Law, which requires companies to establish a wage policy and strengthens the position of minority shareholders.

 

According to Mr. Rubin, the mistake with the amendment is that the board of directors knows the company from up close and knows what is best for the company and suddenly it will need to explain itself to shareholders, including those minority shareholders who only hold the shares for short periods of time. Mr. Rubin believes the amendment will cause disorder, a multitude of suits, and fear on the part of the serving directors due to the responsibility on their shoulders, "As soon as the general assembly says no, the executives will threaten to leave, the board of directors will revoke the decision made by the institutional investors, and then there will be all derivative suits that the board of directors will need to bravely stand up against."

August 2nd, 2012

Triveni Engineering & Industries, a publicly traded industrial group based in India, was recently represented by Gornitzky & Co. in their strategic investment in Aqwise, an Israeli water and wastewater treatment solutions company.

Triveni Engineering & Industries, a publicly traded industrial group based in India, with a fast growing water division focused on high-end technology projects, was represented by Gornitzky & Co. in their strategic investment in Aqwise, an Israeli water and wastewater treatment solutions company.

 

The agreement between the investor and the company calls for commercial cooperation between the two, and included two share purchases – a primary issuance from Aqwise to Triveni, as well as a secondary purchase of a portion of shares from existing shareholders.

 

The representation was led by Mr. Chaim Friedland (Partner), Mr. Yisrael Spero and Mr. Ariel Davis.