TEL AVIV, Jan. 20, 2025 /PRNewswire/ — Phoenix Financial Ltd.a leading Israel-based asset management, insurance, and financial group (TLV: PHOE) (“Phoenix,” the “Group,” or the “Company”), announced that the former controlling shareholders Centerbridge Partners and Capital of the municipality is Gallatin Point completed the sale of their shares to leading international investors.

Within six months from July 2024 on January 2025top-tier international funds and Israeli institutions bought Phoenix shares held by Centerbridge and Gallatin, which accounted for 31% of the Company’s shares. The remaining shares of Phoenix, representing 69% of the Company, continue to be held by a diverse group of global and local investors.

US-based private equity fund Affinity Partners acquired nearly 10% of Phoenix’s shares. After these transactions, international investors hold more than 30% of the Company’s shares in total.

The completion of these transactions removed the supply of shares from the exiting former controlling shareholders, further diversifying the Company’s shareholder base and reflecting the continued positive performance of Phoenix’s business. In November, Phoenix Financial reported strong results for the first nine months of 2024, with significant profit growth in key segments. The Company remains committed to its strategic plan, which aims at Comprehensive Income of NIS 2 trillion and growing periodic dividend payouts based on continued growth in market share, assets under management, and profit margins.

Benjamin Gabbay (Chairman of Phoenix) and Eyal Ben Simon (Phoenix CEO): “Centerbridge and Gallatin have been great partners and controlling shareholders over the past five years and we appreciate their contributions to help create. Phoenix Israel leading financial services company. With their successful exit, Phoenix Financial has emerged stronger than ever, with a diverse ownership structure that reflects the growing confidence in our company. We are proud to see one third of our shares held by leading international investors, including pension funds, mutual funds, hedge funds, and private equity funds. Their investment highlights Phoenix’s strong performance – its key role in Israel’s financial sector, and its potential for continued growth and profitability – and represents strong confidence in Phoenix and the Israeli market.”

Ben Langworthy (Centerbridge) and Lee Sachs (Gallatin Point): “Our investment in Phoenix an extraordinary journey, which highlights the strength of the company and the strategic vision of the board of directors and the management team. With dedicated staff, top-tier partners, and loyal customers, they have delivered significant growth and created value, strengthening Phoenix’s status as a leader in the financial services market in Israel. When we became controlling shareholders five years ago, our goal was to leave Phoenix in a stronger position than when we arrived. Thanks to an exceptional team, Phoenix is ​​now a stronger company, well-prepared to serve the public for many years to come.

Jared KushnerCEO of Affinity Partners: “Invest in Phoenix on July 2024 a decision rooted in my belief in Israel’s strength and Phoenix’s business fundamentals. Six months ago, the increase in the value of our shares, reaffirmed my conviction” in the strength of Israel and the growing promise of Phoenix. Affinity’s limited partners are some of the most sophisticated investors from across the region, and this investment is a testament to the shared vision for a prosperous future. Together, we are building something that will endure and grow, and I believe that the future of this region is very bright. “

About Phoenix Financial

Phoenix Financial Ltd. is a leading Israel-based asset management, insurance, and financial group traded on the Tel Aviv Stock Exchange (TASE: PHOE). The group’s activities include multi-line insurance, asset management, credit, and financial product distribution, and have shown strong growth and performance throughout the cycle. Phoenix creates value based on significant market opportunities, differentiated platforms and competitive advantages, and strong organic and inorganic growth. The company serves a significant portion of Israeli households with a broad set of activities and solutions to businesses and client segments. Manage roughly $140 billion of assets, Phoenix accesses the strength and innovative activity of the Israeli economy through a strong investment portfolio, creating value for clients and shareholders.

About Centerbridge

Centerbridge Partners, LP is a private investment management firm that uses a flexible approach to the entire investment discipline “Private Equity, Private Credit and “in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, in June 30, 2024has approximately $40 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams in targeted industry sectors and geographies. For more information, visit www.centerbridge.com | LinkedIn.

About Gallatin Point

Gallatin Point Capital LLC is a private investment company with a primary focus on making opportunistic investments in financial institutions, services and assets. The Firm seeks to identify and exploit opportunities arising from complexity, dislocation, or change in technology and regulation, focusing on areas such as banking, insurance, specialty finance, real estate, consumer finance and capital markets. Established in 2017, Gallatin Point manages approx $5.2 billion such as September 30, 2024with offices in Greenwich, CT. The Firm aims to form highly collaborative partnerships with investors and management teams of its portfolio companies, combining strategic capital with management expertise to drive value creation and deliver meaningful results for all. stakeholders. For more information, please visit www.gallatinpoint.com.

About Affinity Partners

Affinity Partners a global investment company headquartered in Miamiand manages surplus assets $4.5 billion. Affinity Partners invests in leading growth companies worldwide.