Shamrock Buys 66% of Teva Naot Shoes

The Shamrock Fund, of the Disney Group, has purchased a controlling interest in shoe manufacturer Teva Naot, from Kibbutz Naot Mordechai.

As a first stage, Shamrock will invest NIS 63 million for 66 percent of the company's shares.

Additionally, it will assume NIS 16 million debt from the kibbutz.

As a second stage, Shamrock will be able to increase its stake to 83 percent.

The deal reflects a company value of NIS 130 million for Teva Naot.

Teva Naot has a plant in Kiryat Shmona, which has been closed since Thursday on Israeli army orders.

The company's sales totaled NIS 110 million in 2005, 70 percent of which were abroad, mostly to the U.S. and Canada.