The owners of Dead Sea cosmetics maker Ahava have reached a preliminary agreement to sell control of the Israeli company in a deal that values it at 300 million shekels ($76.3 million).
Gaon Holdings, which owns 15.72% of Ahava, said in a statement that the sale would be for at least 51% of the company, which makes skin care products from Dead Sea minerals.
Gaon did not name the buyer, but as reported in TheMarker last month, China’s Fosun International, which in June bought a controlling stake in Israeli insurer Phoenix Holdings, has been in negotiations to buy a stake in Ahava. Gaon has been leading the drive to sell the company as part of its strategy to focus on its core agrobusiness activities, including Middle East Tube.
Ahava has drawn protests from activists in the global boycott movement because its factory is located on the West Bank’s Dead Sea shore and not in Israel proper.