Iscal Holdings advised the Tel Aviv Stock Exchange today that it has agreed to acquire a 4.77% interest in Formula Systems (Nasdaq:FORTY) from the Atarei Hasharon corporation, which is controlled by businessman Yitzhak Tshuva.
Iscal will be paying NIS 21.2 million cash and NIS 15.5 million in bonds for the shares. The bonds are redeemable on October 28, 2002. Iscal will be borrowing the cash, in exchange for a lien on the Formula shares.
The purchase will boost Iscal's interest in Formula to 13.6%.