We would like to congratulate our client Israel Canada for completing its acquisition of Minrav projects Ltd., despite the challenges of these times. Our firm with the lead of Adv. Israel Shimonov, Adv. Ayana Wechsler and our colleagues at Goldfarb Seligman represented the group in the significant acquisition.
Adv. Amir Bartov, senior partner at our firm represented Cal Auto Group during the last year in a complex recovery and settlement proceeding, as well as the sale transaction of the company that was acquired by Carasso Motors Ltd, another longtime client of the firm. Completion of the complex merger transaction entailed the execution and completion of a large-scale voluntary creditors' agreement which involved many funding institutions outside the court's discretion, in full cooperation with the company's financial creditors. Our firm wishes both clients good luck in their future endeavors in the automotive business.
Two Israeli medical cannabis companies are merging – Cannbit Pharmaceuticals Ltd. has completed its acquisition of “Tikun Olam” activity in Israel. Simultaneously, Cannbit completed a public equity offering of NIS 26.5 million, a big step in the Israeli medical cannabis industry. Cannbit was represented by Adv. Israel Shimonov and Adv. Nir Cohen Sasson.
In 2019, our firm provided legal advice and guidance in the transaction for the acquisition of cannabis grower Tikun Olam's Israeli business by Cannbit Ltd.
The Carasso Group signed a conditional sale agreement for the purchase of car leasing and rental company "Cal Auto" which, subject to several suspensive conditions, will enter into effect. This is a strategic transaction that will expand Carasso's car leasing and rental activities. Cal Auto has line of credit from the banking industry, excluding the First International Bank Ltd. Cal Auto's liabilities amount to NIS 1.45 billion, with total assets amounting to NIS 1.6 billion. As part of the transaction, Carasso assumed Cal Auto's liabilities. Cal Auto Group is represented by adv. Amir Bar-Tov and Ayelet Berkovich Simchovitch.
Adv. Amir Bar-Tov and Aina Wexler from our Firm represented the Seydoff Group, which is owned by American businessman Naty Saydoff, in a transaction to acquire a controlling interest (46.9%) in the real estate and infrastructures company "Shikun & Binui" from Arison Investments, owned by Shari Arison, for NIS 1.1 billion.
Adv. Amir Bar-Tov and Ayelet Berkovich Simchovitch represented Summit Real Estate Holdings Ltd. in a transaction to purchase Eliezer Fishman's cooling enterprises.