UK-based XIO Group has reportedly agreed to pay NIS1.48 billion (about $386 million) for portfolio manager Meitav Dash Investments (TASE: MTDS), a 61% premium to the company's latest share price. Meitav Dash is one of the two largest investment houses in Israel, along with Psagot, which has been owned by Apax Partners since 2009.
Meitav Dash, which manages some $32 billion for private, business and institutional clients, will continue to be led by existing management. The company has been publicly traded since 1998. For XIO Group, the acquisition is the second significant deal in Israel of the past year-plus, following the firm's purchase of Lumenis for a reported $510 million last October.