Alex Dembitzer Investing in U. Dori

Part owner of NY's Northern Group buying 50% of Acad, which owns U. Dori

sharon shpurer
Sharon Shpurer
sharon shpurer
Sharon Shpurer

Alex Dembitzer, one of the owners of the Northern Group Inc of New York, is slated to buy 50% of Acad Building & Investments, which owns 90% of the shares in U. Dori Engineering (TASE: DORI).

The U. Dori group's shareholding in Acad will drop from 67% to 50%.

Under the terms of agreement with Dembitzer, he is paying the U.Dori group $31 million for the 50% stake in Acad: the deal prices that company at about $62 million.

The deal extrapolates to a value of $69 million for U. Dori itself, while its market cap on the Tel Aviv Stock Exchange is about $38 million.

U. Dori will be using $19 million of the money to buy out the 33% of Acad owned by the Amethyst group.

Technically, Dembitzer is lending the $30 million, but the loan is convertible into 50% of Acad's shares. He is expected to execute the conversion after completing due diligence checks.

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