The Chinese government company is buying control of the Israeli food conglomerate at a company value of NIS 8.6 billion.
The Chinese government’s Bright Food Group signed an agreement this morning to buy control of Tnuva Food Industries Ltd. from Apax Partners. The sale is being made at a company value of NIS 8.6 billion while will bring a profit of NIS 4 billion to Apax (56% stake) on which it will not be required to pay any tax.
As part of the agreement, Bright Food is committed to keep Tnuva center of operations in Israel including management, production and development. Furthermore, most members of the board of directors and management, and the CEO will remain Israeli, while a representative of Bright Food will serve as chairman.
Read more at GLOBES.