Phoenix has acquired 50% plus one share of Midland Capital Management unit Inter Trans Polis.
Yitzhak Tshuva's Delek Group Ltd. (TASE: DLEKG) subsidiary Israel Phoenix Assurance Ltd. (TASE: PHOE1;PHOE5) and Alex Shnaider, the owner of the Maccabi Tel Aviv Football Club, are planning a joint health insurance venture in Ukraine.
Phoenix and Midland Capital Management LLC have signed an memorandum of understanding (MOU) to buy 50% plus one controlling share in Inter Trans Polis, a Ukrainian health insurance subsidiary of Midland, for an initial investment of $12 million. The companies will jointly make future investments in equal shares in the venture as needed for its development.
Phoenix will be responsible for managing Inter Trans Polis's insurance business. A joint board of directors will take strategic decisions.
Shaider and Eduard Shyfrin jointly own Midland Capital Management.
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2008
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