Apax Buys Israeli Investment Firm Psagot

Private equity shop Apax Partners has acquired Israeli investment firm Psagot, Reuters reported. New York-based Apax paid roughly 2.08 billion shekels ($572.5 million) for a 76.8% stake in Psagot. Though signed last December, a close of the acquisition was put on hold until now because Psagot was the subject of an Israeli securities fraud investigation. U.S.-Israeli investment fund Markstone Capital owns the remaining 23.2 percent of Psagot.

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