Clal is to sell most of its 74.15% holdings to a group headed by ITL CEO Amichai Robb, in return for some $7.25 million. This reflects a $9.8 company value, 38% above the market. Clal is expected to post NIS 8 million in capital gains.
Clal could be paid up to $9.51 million, depending, among other things, on ITL's sales volume in the coming years.
ITL is an electro optics firm that operates in the defense and civil market. Its customers include the Israel Defense Forces, the American army, NATO.