Israeli Investors Buy at the Sound of Cannons
Missile strikes by Hamas toward Israeli southern cities and settlements, coupled with more clashes in the West Bank, added fuel to the tension.
Hundreds of Katyusha missiles that hit northern cities in Israel also forced the shutdown of many factories and high-tech centers in the area. Companies such as Iscar, a Galilee-based metalworks company recently purchased for $4 billion by Berkshire Hathaway (BRK-A), have reportedly closed their Israeli operations.
In more positive news, the downpour of missiles on Galilee didn't stop Shamrock Holdings, a private equity fund that also manages the Disney family's investments, from buying the Galilee-based footwear company Teva Naot on Wednesday. Shamrock agreed to purchase 66% of Teva Naot, with an option to increase its holdings to 83% at a company valuation of about $29 million. Teva Naot exports 70% its footwear and flagship Teva sandals.
Elsewhere, the $2.2 billion U.S. venture capital fund Greylock Partners said earlier this week that it launched a $150 million fund dedicated to investments in Israel. To date, Greylock has invested in eight Israeli early-stage technology companies.In earnings news, the giant billing software company Amdocs (DOX) said its fiscal third-quarter earnings, adjusted to stock option charges, were $626 million, or 49 cents a share, up 11% from last year. Results handily beat the average earnings estimate of 46 cents a share according to Thomson First Call. Amdocs' shares rose 10% on Thursday on its earnings announcement.
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