Phoenix Holdings Ltd. Announces Results of a Full Tender Offer for the Shares of Gama Management and Clearing Ltd.

TEL-AVIV, Israel--(BUSINESS WIRE)--Phoenix Holdings Ltd., a leading Israel-based financial, insurance, and investment group (TASE:PHOE), today announces that the tender offer for the shares of Gama, a wholly owned subsidiary of the Company, was accepted at a rate that allows for the forced purchase of the holdings of the offerees who did not accept the offer, in accordance with the provisions of Section 337 of the Companies Law 5599-1999. After the purchase of all the shares of the offerees, Gama will become a private company (a reporting corporation) which is fully owned by Phoenix Investments, but will remain a reporting entity in accordance with and subject to the provisions of the law, and as long as the bonds (series B and C) of the company are held by the public.

Eyal Ben Simon, CEO of Phoenix Holdings, said, “Expanding our credit segment is a significant part of the group’s strategic plan. Completion of the tender offer for the shares of Gama constitutes another significant step in the implementation of this plan. Gama is an excellent company that has been operating successfully for years in the SME credit sector, and has been showing impressive growth and strong performance for the past two years, even in difficult market conditions. I am convinced that the company, led by the management team and employees, will contribute greatly to strengthening the credit segment of the entire group”.

About Phoenix Holdings

Phoenix Holdings is a leading Israel-based financial, insurance, and investment group traded on the Tel Aviv Stock Exchange (TLV:PHOE). Group activities include multi-line insurance, asset management, credit, and financial product distribution, and have demonstrated strong growth and performance across the cycle. The Phoenix serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments. Managing over $100 billion in assets, the Phoenix accesses Israel’s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.