Competition Authority allows Delek takeover of Isracard

3 hours ago 3

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The Competition Authority is considered the easier of the two regulatory hurdles that the deal must overcome, the other being the Supervisor of Banks.

The Competition Authority, headed by Adv. Michal Cohen, has approved the takeover of credit card company Isracard (TASE: ISCD) by Delek Group (TASE: DLEKG), controlled by Yitzhak Tshuva and headed by Idan Wallace.

The Competition Authority’s decision is one of two regulatory hurdles that Delek Group needs to overcome before it can complete its planned takeover of Isracard at a valuation of NIS 3.65 billion. It is also the easier of the two to obtain, since Delek Group has almost no activity that could constitute a barrier to competition. The second regulator, the Supervisor of Banks at the Bank of Israel, may be more difficult to convince.

Isracard is a credit card company supervised by the Bank of Israel. In December, when Delek’s bid for Isracard became public, it was reported that it had begun discussions with the Bank of Israel on the move as early as June last year. The Supervisor of Banks, Daniel Hahiashvili, has his own timetable, and a strict approach to all stages of the process. Nevertheless, the assessment is that Delek will eventually obtain the approval it needs.

Published by Globes, Israel business news - en.globes.co.il - on March 14, 2025.

Gidon Levy and Tali Bogdanovsky