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Mivtach Shamir and FIMI cash in on Lipman-VeriFone deal
Mivtach Shamir Holdings and First Israel Mezzanine Investors Fund will record hundreds of millions of dollars in capital gains on the sale of Lipman.

Golan Friedenfeld and Tali Tsipori 10 Apr 06 18:50

As revealed by “Globes” a month ago, VeriFone Holdings Inc (NYSE: PAY) announced today it had acquired Lipman Electronics Engineering (Nasdaq: LPMA; TASE: LPMA) for $793 million in cash and shares, a value that was similar to the company’s market cap this morning. The two companies were competitors in the market for secure electronic payment systems.
Mivtach Shamir Holdings Ltd. (TASE:MISH) holds a 13% share in Lipman and can expect to receive $102 million from the sale to VeriFone. First Israel Mezzanine Investors Fund (FIMI) holds a 5.1% share and can expect to receive $40 million. Lipman’s other shareholders are foreign funds.

Mivtach Shamir announced today that it would record a capital gain of NIS 235 million on the sale of its holding in Lipman, adding to the hundreds of millions of shekels it has already recorded on its holdings in the company, following previous exits. FIMI is expected to record a capital gain of $70-80 million.

Published by Globes [online], Israel business news - www.globes.co.il - on April 10, 2006

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