Mergers & Acquisitions

GCG’s over 25-year long experience in executing Mergers & Acquisitions transactions in the Israeli and cross-border markets, as a trusted advisor of a wide range of local and global clients, allows it to maximize value for its clients across a full spectrum of advisory roles.

M&A Advisory 

GCG advises its clients, in respect to both buy-side and sell-side mandates, through all stages of the transaction, including structuring, evaluation of potential targets or acquirers, valuation analyses, assessment of strategic alternatives, due diligence, negotiations, and regulatory approvals. GCG’s value-add is embedded in its unrelenting commitment to provide exceptional results for its clients, from advising on timing, financing, and pricing of the transaction, to assisting with negotiating and closing of the transaction.

Key mandates include: 

  • Exclusive buy-side advisor to Centerbridge Partners and Gallatin Point Capital on the acquisition of control of Phoenix Holdings for NIS 1.6 bn (2019)

  • Exclusive sell-side advisor to Clal Industries/Access Industries, on the sale of its 50% stake in Taavura Holdings for NIS 718 mn (2019)

  • Exclusive sell-side advisor to Veolia Environment on the global sale of its Israeli activities to Oaktree Capital Management for USD 550 mn (2015)


Divestitures / Spin-offs

GCG provides comprehensive financial advisory services to clients seeking to undertake complex divestitures and spin-offs. With a track record of advising on some of the most significant divestitures and spin-offs in the local market, we have the expertise and experience to guide clients through every stage of the transaction. Our services include advising on optimal capital allocation, recapitalization, and identifying financial and strategic alternatives to a sale, such as carve-outs, split-offs, and tracking stocks.

Key mandates include: 

  • Financial advisor to Paz Oil Company’s Board of Directors and Management on the spin-off of Paz Ashdod Refinery for approx. NIS 1.6 bn (2023, closing pending)

  • Exclusive sell-side advisor to Israel Electric Corporation on the divestitures of Ramat Hovav Power Plant for NIS 4.3 bn (2020) and Alon Tavor Power Plant for NIS 1.9 bn (2019)

  • Financial advisor to Clal Industries, on Hadera Paper’s multi-staged divestiture process, which included the sale of Hadera Paper’s 49.9% stake in Hogla-Kimberly to Kimberly Clark Corp. for NIS  648 mn, and the sale of Clal Industries’ stake in Hadera Paper to FIMI for NIS 360 mn (2015)


Cross-Border

Leveraging its global and local network, GCG has a considerable experience advising clients on both inbound and outbound cross-border Mergers & Acquisitions. In addition to numerous local clients, GCG has advised global clients such as Centerbridge Partners, Saban Capital Group, ZIM, Veolia Environment, Inkia Energy and more.

Key mandates include: 

  • Exclusive Buy-side Advisor to Centerbridge Partners and Gallatin Point Capital on the acquisition of control of Phoenix Holdings for NIS 1.6 bn (2019)

  • Exclusive Sell-side Advisor to Veolia Environment on the sale of its Israeli activities to Oaktree Capital Management for USD 550 mn (2015)

  • Financial Advisor to Delek Group in the acquisition of certain assets of Chevron Benelux
    for EUR 350 mn (2007)


Special Committee and Board Advisory

GCG offers uniquely tailored financial advisory services to Special/Independent Committees and Board of Directors, leveraging its global and local network and providing impartial advice. We provide boards and special committees with expert guidance on a range of topics, including takeover preparedness, management buyouts, strategic Mergers & Acquisitions, and other.

Key mandates include: 

  • Financial Advisor to Paz’s Board of Directors in the proposed takeover bids submitted for the acquisition of control (2021-On going)

  • Exclusive Financial Advisor to Israel Electric Corporation’s Board of Directors in respect of IEC’s structural changes, including all aspects of the asset settlement and the Electricity Market reform negotiated with the State of Israel (2017-On going)

  • Financial Advisor to ZIM Integrated Shipping and its Board of Directors on key strategic–financial issues, including financing alternatives and distributions (2017-on going)

Our experienced team works closely with directors to build a rigorous decision-making and negotiating process that addresses the unique challenges of special committee situations, including the interplay between value and other deal terms, as well as governance considerations and a deep understanding of the various stakeholders involved. We have a long history of providing impartial advice to Special Committees, and our senior bankers are deeply involved in all aspects of an assignment.


Privatization

Over the years, GCG advised both the Government Companies Authority (GCA) and the Israeli Ministry of Finance as part of Israel’s major privatization processes. GCG’s experience in Privatization includes financial advisory on both “buy-side” and “sell-side” mandates, covering all aspects of the Privatization process. Our experience in
the field of Privatization and state-owned enterprises in the Israeli market is unparalleled.

Key mandates include: 

  • Exclusive Sell-side Advisor to the State of Israel in the sale of its controlling stake in Israel Bank Discount to the Bronfman Group for NIS 1.3 bn (2006), and in the sale of its remaining stake via a Block Trade for NIS 1.8 bn (2010)

  • Financial advisor for the Apax Partners-Saban Capital Group consortium in the acquisition of a controlling block as part of Bezeq’s Privatization for NIS 4.2 bn (2008)

  • Exclusive sell-side advisor to the State of Israel in the sale of its controlling stake in Bank Leumi via Block Trade for NIS 2.5 bn (2005)

  • Exclusive sell-side advisor to the Government Corporation Authority in the 100% privatization of the Oil Refineries for USD 1.7 bn through a global IPO and tender (2007)

Transactions > Mergers & Acquisitions

IEC – Eshkol Power Plant

GCG acted as a global financial advisor to IEC on its sale of the Eshkol Power Station, of the largest power plants in Israel




2021-2023

Shapir

GCG acted as the exclusive buy-side M&A advisor to Shapir Engineering & Industry Ltd. on its acquisition of a controlling stake (53%) in Ad 120 from The Phoenix Holdings



2021

IEC – Ramat Hovav Power Plant

GCG acted as a sell-side advisor to IEC on its Gas-fired plants sale.
Ramat Hovav power plant was sold for NIS 4.25 billion

2020

The Phoenix Holdings

M&A Advisor to Centerbridge Partners and Gallatin Point Capital in the acquisition of a controlling stake (32.5%) in The Phoenix Holdings from the Delek Group for NIS1.57 billion


2019

Taavura Holdings

GCG acted as the exclusive sell-side M&A Advisor to Clal Industries Ltd., a subsidiary of Access Industries, in the sale of its 50% stake in Taavura Holdings to Leumi Partners, The Phoenix Insurance and the Livnat Group for NIS718 million
2019

IEC – Alon-Tavor Power Plant

Goren Capital Group acted as an exclusive global advisor for IEC on its sale of the Alon-Tavor power plant for NIS 1.9 billion



2019

Aeronautics

Buy-side advisory to a leading Israeli Company





2018

LeumiCard

Buy-side advisory to a leading private equity group in a tender for acquisition of Leumi-Card




2018

iCon Group

GCG acted as the exclusive sell-side M&A Advisor in the sale by Pitango's Partners and VPartners of its 65% stake in iCon group and iDigital Stores to the Israeli private equity fund – Sky

2017

Sonol Israel

GCG acted as the exclusive sell-side M&A Advisor in the sale by Azrieli Group (through Granite Hacarmel) of its 100% stake in Sonol Israel to Israel Oil & Gas Fund L.P for NIS360M


2016

Hogla-Kimberly

GCG acted as exclusive sell-side M&A Advisor in the sale by Hadera-Paper Ltd. of its 49.9% stake in Hogla-Kimberly to Kimberly-Clark Corporation for NIS650 million


2015

Hadera Paper

GCG acted as exclusive sell-side M&A Advisor in the sale by Clal Industries Ltd. of its 59.09% stake in Hadera Paper to FIMI Opportunity Fund


2015

Channel 10

GCG represented RGE Gruop Ltd. in the acquisition of a controlling stake in Channel 10




2015

Veolia

GCG acted as exclusive financial advisor to Veolia Environment S.A. and Veolia Israel's management, in the sale of Veolia's activities in Israel to Oaktree Capital Management for USD550M

2015

Tnuva

Sale of control to Brightfood Financial Advisor to Mivtach-Shamir




2014

Privatization of 25% stake in Discount Bank

GCG acted as financial advisor to the State of Israel (MI Holdings) in its disposition of the State's 25% stake in Discount Bank through a series of Block Trades


2010

Gadot

Acquisition advisor to GADOT on the EUR35 million chemicals terminal acquisition in Belgium



2010

Saban Capital Group

Sale of 23.99% of the shares and interests in Keshet Broadcasting Ltd




2008

RGE

R.G.E.'s sell-side financial advisor. R.G.E was acquired (33%) by Access Media




2008

Delek Group

GCG acted as a special financial advisor to Delek Group in acqusition of Chevron Benelux Fuel Marketing for EUR350 million



2007

Privatization of Discount Bank

GCG advised MI Holdings on the privatization of the controlling stake in Discount Bank for a total consideration of NIS1.3 billion



2006

Privatization of Bank Leumi

Financial advisor to MI Holdings (government) on sale of controlling stake of Bank Leumi NIS2.474 billion



2005

Bezeq Privatization

Financing for the acquisition of the controlling stake GCG acted as financial advisor in the financing of USD900 million for the acquisition of a controlling stake in Bezeq (Bank Leumi, Bank Hapoalim and financial institutions)

2005

Netafim

Financial advisor in the USD40 million Equity investment provided by Markstone Capital Group and Tene Investment Funds



2005

Tosaf

Tosaf and Ciba USD 50 million acquisition facility




2003

Ampal

GCG acted as financial advisor in Ampal's USD90 million LBO




2002

Telkoor Telecom

Financial advisor in the acquisition of shares and the formation of a strategic partnership with Digital Power



2001

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