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The deal values Workplace Depot Israel at NIS 80 million, of which Zim will obtain NIS 35 million, because the chain has NIS 45 million debt.
After intensive negotiations, Rani Zim signed an settlement on Friday to promote the Workplace Depot retail chain to car importer UMI (Common Motors Israel). The sale is at a valuation of NIS 80 million, and contains NIS 45 million debt owed by Workplace Depot.
“Globes” first reported final August that Zim was placing Workplace Depot up on the market by way of EY, seven years after he purchased it. The chain consists of 41 branches round Israel. Zim held it privately, and never by way of the general public actual property firm that bears his identify. The rationale for the sale is that Zim needs to focus on enhancing and increasing his business actual property enterprise.
Within the present deal, Zim receives NIS 35 million web. He’s estimated to have invested NIS 30 million in taking up Workplace Depot. He purchased half the shares within the chain in 2014, and the rest a yr later
Printed by Globes, Israel enterprise information – en.globes.co.il – on Could 22, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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Rani Zim credit score: Eyal Izhar
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