Sirius gets antitrust approval to buy Israeli insurer Phoenix

Sirius International Insurance said on Sunday it won approval from Israel’s antitrust commissioner for its acquisition of a stake in Phoenix Holdings.

Last month, Bermuda-based Sirius said it would exercise its option to buy Israeli conglomerate Delek Group’s 47% stake in insurer Phoenix for NIS 2.3 billion ($655 million).

In September, Sirius bought 4.9% of Phoenix for NIS 208m.

The deal is still subject to approvals from the commissioner of insurance and other regulators, Sirius said.

In June, Delek said its planned sale of a controlling stake in Phoenix to China’s Fujian Yango Group had been called off by both sides after it failed to secure regulatory approval. Previously, deals to sell Phoenix to AmTrust Financial Services and China’s Fosun International also fell through. (Reuters)