from the August 2016 issue

Foreign investor buys control of SHL Telemedicine

Control of SHL Telemedicine was sold for NIS 110 million at a 20% premium on the market price.

Less than a year after the failure to sell control of SHL Telemedicine Ltd. (SWX: SHLTN) to Chinese corporation Shanghai Jiuchauan Investment, some of the SHL controlling shareholders are selling their stakes in the company at a lower price. Sources inform "Globes" that a group of investors including Eyal Ofer, Shlomo Ben Haim, Barak Capital, and Eli Alroy, who jointly own 30% of SHL's shares, has agreed to sell its holdings in the company to a foreign investor for 28 million Swiss francs (NIS 110 million).

The deal was according to a share price of 8.70 Swiss francs, reflecting a 20% premium on today's price on the Zurich Stock Exchange, but lower than the 10.50 Swiss francs share price at which the company was to have been sold last year. The family of SHL founder Yoram Alroy (no relation of Eli Alroy), which still owns 26.5% of SHL, did not join the sale, and is still holding its shares.

Founded in 1987 as an operator of a private line of intensive care ambulances for subscribers, SHL became a leading company in providing remote monitoring and diagnostic services to congestive heart failure and chronic obstructive pulmonary disease patients, mainly in Israel and Germany. SHL's services facilitate remote measurement of a patient's weight, blood pressure, oxygen in the blood, etc., thereby reducing the medical costs of the health funds and insurance companies. SHL's current market cap is 78 million Swiss francs.

Reprinted from the Israel High-Tech & Investment Report August 2016

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