Sagi paid $515 million for the shares and plans to delist the company from AIM in London at the end of the month.
Israeli tech and real estate billionaire Teddy Sagi has increased his stake in the Israeli cybersecurity and privacy protection company Kape Technologies (AIM: KAPE) to 87.6% with an offer to buy, the company reported to the London Alternative Investment Market (AIM).
Sagi, who previously owned a 54.8% stake in Kape, paid $515 million for the shares and plans to delist the company at the end of the month. Last February, Sagi made an offer to buy shares from the public he didn’t own in Kape, which is run by CEO Ido Erlichman, through his Unikmind holding company. He offered to pay a 10% premium to the company’s stock value at the time for a total investment of $700 million, even though the share price had been higher in the past.
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Sagi’s offer to buy said, “Having weighed the pros and cons of a public listing under current macro uncertainty and weak stock market trading as well as new growth avenues, we are firm in our opinion that Kape’s next chapter in the company’s journey should be within the private arena.”
The purchase offer was completed when the company valued Kape at more than $1.5 billion.
Published by Globes, Israel business news – en.globes.co.il – on May 8, 2023.
© Copyright Globes Publisher Itonut (1983) Ltd., 2023.
Teddy Sagi Credit:: Yonatan Bloom