Israeli technology firm Emblaze has signed a deal to takeover a controlling stake of 58% in Willi-Food Investments (WFI) for NIS268m.
The deal was signed with Zwi Williger and Joseph Williger who are selling their whole interests in WFI, which in turn owns 50% holding in G Willi-Food International, the principal operating entity within the WFI group of companies.
As per the agreed terms, Zwi and Joseph will continue to serve as chairman of the board and as president or as joint chief executive officers of Willi-Food for up to three years from completion of the transaction, if their service agreements are re-approved.
Zwi said, "We view the sale of control of Willi-Food Investments to Emblaze, traded on the London Stock Exchange, as an opportunity for the Company to continue its accelerated development in the food sector, both in Israel and outside Israel and even to expand into additional activities.
"We will continue to work together with the Company's personnel and the management of Emblaze in order to continue to develop the company's business, both in its existing business areas as well as additional business areas."
Subject to the receipt of Israeli anti-trust authority's approval, the transaction is expected to be wrapped up during the second quarter of 2014, following the completion of a special tender offer for WFI shareholders.
Willi-Food is engaged in the design, import, marketing and distribution of more than 600 food products across the world.