In August 2018, Sidley client Manikay Partners, LLC completed the acquisition of a majority stake in Tel-Aviv Stock Exchange Ltd. (TASE). TASE operates the sole securities exchange in Israel. TASE had been a mutual entity wholly owned by exchange members, but 2017 legislation in Israel mandated its demutualization. As a result, in 2018, Manikay signed an agreement for the acquisition of approximately 72 percent of the ordinary shares of TASE for approximately 369 million Israeli shekels (approximately US$102 million).
Manikay is an investment manager based in New York with additional offices in London and Sydney. It has approximately US$1.7 billion in assets under management and in related transactions.
The majority stake was acquired in separate transactions by a newly formed fund managed by Manikay and by a small number of institutional investors identified by Manikay. Sidley represented Manikay in the structuring and documentation of the fund and of the terms of the separate institutional investments.
The Manikay deal team was led by Shane Finemore and Salah Saabneh, two of the firm’s founders. The Sidley deal team, based in New York, included partners Benson Cohen (Investment Funds) and Myles Pollin (Global Finance) and associate Joyce Ng (Investment Funds).