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Israel's Bank Leumi says will reap 253 mln shekels from ironSource

Israel Materials 30 June 2021 15:20
Leumi, Israel's largest bank, said on Wednesday it will earn 253 million shekels ($77.7 million) from its investment in mobile adtech firm ironSource
Israel's Bank Leumi says will reap 253 mln shekels from ironSource

Leumi, Israel's largest bank, said on Wednesday it will earn 253 million shekels ($77.7 million) from its investment in mobile adtech firm ironSource, Trend reports with reference to Reuters.

Israel's ironSource went public on the New York Stock Exchange at an $11 billion valuation on Tuesday after closing its merger with a blank-check company backed by U.S. private equity firm Thoma Bravo. read more

Leumi had held a 1% stake in ironSource but Leumi said that as part of the transaction it sold 1.29 million shares in the company, resulting in a pre-tax profit of 39 million shekels in the second quarter.

Leumi said it will also gain 214 million shekels for the revaluation of the bank's remaining 0.75% ownership stake.

The investment in ironSource was made by Leumi Partners, Leumi's non-financial investment unit.

Leumi will also book a 90 million shekel gain in the second quarter from the sale of shares in Retailors Ltd.

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