News

| Banking & Finance
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.

March 30th, 2017

Gornitzky represented Ofer Investment Ltd., in two financing agreements in a total sum of NIS 240 Million.

Gornitzky represents Ofer Investment, the major holdings company of the Ofer Family, in NIS 240 Million financing agreements

Gornitzky successfully represented Ofer Investment Ltd., the major holdings company controlled by the Ofer Family, in two substantial Financing Agreements with Discount Bank the Phoenix group in a total sum of NIS 240 Million.

 

Ofer Investment was represented by Kfir Yadgar (managing partner), Uri Heller (corporate and financing) and Aviv Urinowski (real-estate).

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

August 28th, 2016

Gornitzky represented the Australian Liberman family, one of the controlling shareholders of the First International Bank of Israel Ltd. in a deal to sell some of their shares

Gornitzky represented the Australian Liberman family, which is one of the controlling shareholders of the First International Bank of Israel Ltd. (through their holdings in F.I.B.I. Holdings Ltd.), in a deal to sell some of their shares in F.I.B.I Holdings Ltd. to a well-known Israeli financial entity. The shares were sold for NIS 80 million.
See full story in TheMarker (Hebrew)

 

The Liberman family was represented by Eli Elya (partner), Lior Baran and Noy Or.

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.

January 4th, 2016

Gornitzky represents Altshuler Shaham Investment House in an up to NIS 90 million credit facility to "Nethaniel Group". The funds will be used, inter alia, to the construction of an office and commercial complex, located in the city of Holon, Israel.

The Loan Agreement includes a one year credit line; in an aggregate sum of NIS 45 million starting 2016 and a long term loan agreement will replace it subject to the fulfillment of several conditions precedent. The total credit facility that will be provided by Altshuler Shaham will be up to 90 million NIS.

The construction is expected to be completed by the end of 2016, and the estimated annual revenue is expected to reach NIS 10 million.

 

See full story (Hebrew)

 

Altshuler Shaham were represented by Itay Geffen (Partner), Lior Relevy (Partner), Lee Cohen and Hagar Peleg

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 21st, 2015

Gornitzky represented Bank Hapoalim and Mizrahi-Tefahot Bank in the signing of a NIS 1 billion credit agreement to finance the construction of the TLV Fashion Mall in Tel Aviv

Gornitzky represented Bank Hapoalim and Mizrahi-Tefahot Bank in the signing of a NIS 1 billion credit agreement to finance the construction of the TLV Fashion Mall in Tel Aviv. This is part of the first real-estate project ever in Israel to be financed by a syndication of banks.

 

The banks are represented by Eli Elya (Partner), Tamar Cohen (Partner), Lior Baran, Aviad Rabinowitz and Moran Ben-Moshe Sabato.

May 13th, 2015

Gornitzky successfully argued against the disclosure of documents on behalf of Bank Hapoalom. Read the full story:(Hebrew)

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.   

December 23rd, 2014

Gornitzky represented Bank Hapoalim in three simultaneous real-estate financing transactions with Neptune Hotel Ltd., Sella Capital Real Estate Ltd. and Issta Israel Ltd. 

Gornitzky represented Bank Hapoalim (TASE: POLI) in three separate and simultaneous real-estate financing transactions with Neptune Hotel Ltd. (of the ILDC Group), Sella Capital Real Estate Ltd. (TASE: SLARL) and Issta Israel Ltd.

 

Bank Hapoalim was represented by Eli Elya (Partner, Banking and Finance), Lior Relevy (Real Estate), Inbal Ravid-Badner, Nir Keidar and Lior Baran.

September 29th, 2014

Gornitzky represented Israel Corporation in a USD 200 million derivative financing transaction, with respect to shares of Israel Chemicals (ICL).

Gornitzky represented Israel Corporation (TASE: ILCO) in a USD 200 million derivative financing transaction, with respect to shares of Israel Chemicals (TASE: ICL), which were part of a sale offering of ICL's shares on the New York Stock Exchange.

 

Israel Corporation was represented by Idan Baki (Partner) and Nurit Traurik (Partner).

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.

February 21st, 2013

Gornitzky & Co. represented Arison Holdings, which holds the controlling stake in Bank Hapoalim, in raising NIS 2.5 billion in a private placement - one of the largest in recent years.

Gornitzky & Co. represented Arison Holdings, which holds the controlling stake in Bank Hapoalim, in raising NIS 2.5 billion in a private placement. This placement is one the largest to transpire in recent years.

 

Arison Holdings was represented by Itay Geffen (Partner) and Yiftah Farber.

January 15th, 2013

Gornitzky & Co. represented Mustang Mezzanine Fund in connection with a mezzanine loan to Malka Retail Group Ltd., a privately-held company and a dominant middle-size fashion manufacturer and retailer, with leading brands such as “ML” and “Jump”.

Gornitzky & Co. represented Mustang Mezzanine Fund in connection with a mezzanine loan to Malka Retail Group Ltd., a privately-held company, and a dominant middle-size fashion manufacturer and retailer, with leading brands such as “ML” and “Jump”. The transaction with Mustang is directed towards funding the future non-organic growth of the group.

 

Mustang Mezzanine Fund was represented by Mr. Chaim Friedland (Partner), Mr. Yair Shiloni (Partner), Mr. Yiftah Farber and Mr. Yoav Meer.

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.

May 22nd, 2012

Gornitzky & Co. represented Bank Hapoalim in the complex refinancing arrangement of Bronicki Investments Ltd.'s NIS 500 million debt to the bank, in which the Bronicki family sold 12% of Ormat Industries Ltd. to FIMI Opportunity Fund. 

Gornitzky & Co. represented Bank Hapoalim in the complex refinancing arrangement of Bronicki Investments Ltd.'s NIS 500 million debt to the bank, in which the Bronicki family sold 12% of Ormat Industries Ltd. to FIMI Opportunity Fund.


Within the framework of the negotiations between the parties, Gornitzky & Co. represented Bank Hapoalim in two concurrent financing transactions. The first, between Bank Hapoalim and Bronicki, in which Poalim reinstated the remainder of their loan to Bronicki, with FIMI and Bronicki pledging their holdings in Ormat to secure the loan. The second transaction involved a right granted by FIMI to Bronicki Investments, whereby, under certain conditions, Bronicki can reassign to FIMI the balance of their debt to Bank Hapoalim. In this regard, Gornitzky handled the finance agreement and lien agreements with FIMI, which will come into effect only with the assignment of the loan.


Bank Hapoalim was represented by Eli Elya (Partner), Tamar Cohen and Lior Baran.

September 12th, 2017

Gornitzky represented Bank Hapoalim in a motion to approve a class action filed against it.

Gornitzky represented Bank Hapoalim in a motion to approve a class action filed against the Bank and its officers, in which it was argued that the bank refrained from including in its financial statements, the fact that provisions were made, pertaining to the investigation being conducted against the Bank in the United States. The motion allegedly claims that this is in fact material information which the Bank was required to disclose, in order not to mislead investors who purchased the Bank's shares.

 

Judge Ruth Ronen dismissed the motion in her ruling last week.

 

Bank Hapoalim was represented by Pinhas Rubin (Chairman of the Firm), Yaron Elhawi (Partner) and Shirin Gabbay-Metzeger (Associate).

January 29th, 2017

Gornitzky represents Mr. Kobi Tribitch and his partners, in a long-term lease agreement of space in the Meier on Rothschild, thereby opening the "Rothschild-Allenby Culinary Market" for gourmet food

Gornitzky represents Mr. Kobi Tribitch, former owner of the Tiv-Taam supermarket chain (TASE: TTAM), and his partners, (including former Ikea Israel CEO, Mr. Shlomo Gabay and Eric Abramovich, owner of Masterfood Inc, in a long-term lease agreement of space in Tel Aviv's most luxurious skyscraper, the Meier on Rothschild, opening the "Rothschild-Allenby Culinary Market", with over 40 stalls, designed similarly to the Boqueria Market in Barcelona, Spain, and Eataly on Manhattan's 5th Avenue.

Our firm is also responsible for handling all matters related to the sublease of retail space to third-party vendors that will operate restaurants, food stands and shops within the market.

The developers are represented by Kfir Yadgar (Partner), Lee Cohen, Dana Suidman and Shiri Nass Magid

October 10th, 2016

Gornitzky represented Bank Hapoalim and Menora Mivtachim group as a syndication of lenders in a real estate financing project that is expected to include a large commercial centre in Hadera. 

Gornitzky successfully represented Bank Hapoalim B.M. and Menora Mivtachim group as a syndication of lenders in a real estate financing project that is expected to include a large commercial centre in “Agrobank Site” in Hadera. The financing that will be granted by the syndication will be used for the completion of the commercial centre in “Agrobank Site” in Hadera. This real estate financing necessitates highly complex agreements and a large security package.

 

Bank Hapoalim and Menora Mivtachim group were represented by Eli Elya (partner), Lior Relevy (partner), Inbal Badner, Ariel Zeevi and Moran Ben-Moshe.

August 9th, 2016

Gornitzky successfully represented Meitav Dash in a NIS 80 million loan to the public company Priortech Ltd.

Gornitzky successfully represented Meitav Dash in a NIS 80 million loan to the public company Priortech Ltd. The collaterals that were provided to secure the loan included lien on shares of the public company P.C.B. Technologies, lien on shares of the public company Camtek ltd listed on both the TASE and NASDAQ and land rights. As part of the deal, the lender was granted an option to partially convert, after 24 months, shares of Camtek ltd as payment of the loan, as set by the agreed conditions.  

 

See full story in The Marker (Hebrew)

 

Meitav Dash was represented by Eli Alya (Partner), Ori Yitzhak (Partner), Shiri Shani (Partner, Real Estate), Amnon Biss, Itamar Ben-Yehuda and Noy Or

 

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

January 3rd, 2016

Gornitzky represents Israel Corp  in a motion to approve a derivative suit pertaining Israel Corp's previous CEO, Mr. Nir Gilad, employment terms prior to 20th Amendment of the Israeli Companies Law.

Gornitzky successfully represented Israel Corp in a motion to approve a derivative suit pertaining Israel Corp's previous CEO, Mr. Nir Gilad, employment terms approved prior to 20th Amendment of the Israeli Companies Law (addressing the compensation and salary approval process for senior executives). The Tel Aviv District Court dismissed the suit against Israel Corp and its Board Members.


See full articel in Globes magazine (Hebrew)


Israel Corp was represented by Pinhas Rubin (Firm Chairman), Lior Porat (partner) and Shirin Gabbay-Metzger

June 28th, 2015

Gornitzky represented Bank Hapoalim, Mizrahi Tefahot Bank, and The Phoenix as lenders in a NIS 600 million syndicated loan to Mashav - Initiating and Development Ltd., a private holding company which owns Israel's sole producer of cement.

Gornitzky represented Bank Hapoalim, Mizrahi Tefahot Bank, and The Phoenix as lenders in a NIS 600 million syndicated loan to Mashav - Initiating and Development Ltd., a private holding company which owns, among others, Nesher Israel Cement Enterprises Ltd., Israel's sole producer of cement. The loan will be used, in part, to refinance Mashav's debt to the syndication and, in part, for the development of its activities and investments in the areas of industry, infrastructures and energy.


The lenders were represented by Eli Elya (Partner), Inbal Badner and Nir Keidar.

 

May 20th, 2015

Senior partner Pinhas Rubin speaks about banks confidentiality in the Israel Bar Association Annual Conference opening Panel. Read the full story: (Hebrew)

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.

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.

October 30th, 2014

Representation of Israel Corp. in USD 200 million collar transaction with Goldman Sachs and Morgan Stanley as counterparties 

We represented Israel Corp. in a collar transaction with Goldman Sachs and Morgan Stanley as counterparties. This collar is a unique equity derivative transaction, (even on a global scale) that involved complex financing issues and collateral arrangements that are rarely seen and done on the Israeli market. In addition, the transaction involved questions of both US and Israeli securities laws, as a result of the dual listing of Israel Chemicals shares on the NYSE, and included the first ever IPO conducted as a short sale in connection with an equity derivative transaction.

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).

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.

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.

November 19th, 2012

Gornitzky represented Israel Corporation Ltd. and entities controlled by the Ofer Group in connection with a convertible note financing in Better Place Inc. of up to an aggregate of USD 100 million.

Gornitzky represented Israel Corporation Ltd. and entities controlled by the Ofer Group in connection with a convertible note financing in Better Place Inc. of up to an aggregate of USD 100 million.

 

The investment was made by existing shareholders of Better Place and included, in addition to Israel Corporation and the entities controlled by the Ofer Group, additional shareholders of Better Place, including a leading global financial institution.

 

Zvi Ephrat (Senior Partner), Chaim Friedland (Partner) and Avishai Marom led the representation.

August 29th, 2012

Gornitzky & Co. represented Bank Hapoalim B.M. in the NIS 30 million financing transaction of a 3 megawatt photovoltaic power plant in Israel.

Gornitzky & Co. represented the Project Finance Department of Bank Hapoalim B.M. in a transaction valued at approximately NIS 30 million, for the financing of the design, development, construction and operation of a 3 megawatt photovoltaic power plant in Israel.

 

Bank Hapoalim B.M. was represented by Mr. Eli Elya (Partner), Ms. Editte Galli Heyne (Partner) and Ms. Arielle Ruimi.

January 16th, 2011

Gornitzky & Co. represented OPC Rotem and its sponsors, Israel Corporation and Dalkia Israel Ltd, in a project financing transaction of approx. NIS 2 billion.

Gornitzky & Co. represented OPC Rotem, a private company, and its sponsors, Israel Corporation (TASE: ILCO) (80%) and Dalkia Israel Ltd (20%), a subsidiary of Veolia Environment SA (NYSE: VE), in a project financing transaction from a syndicate comprising of banks and institutional lenders, led by Bank Leumi Le-Israel B.M., for the development and construction of a 440 megawatt private (B.O.O) power plant in Israel in a total estimated investment of NIS 2 billion.

 

The transaction was led by Jack Smith (Partner) and Idan Baki (Partner).