Recently, according to sources and reported by Globes, Tsahi Merkur is trying to acquire controlling interest in Azorim Investment, Development and Construction Ltd. (TASE: AZRM). Azorim is a company who builds projects for residents, such as apartment building and residential communities all over Israel. Azorim has been in business for over 40 years, in both building and selling residential communities and buildings.
Success Parking, under Tsahi Merkur is currently operating about 100 parking lots throughout Israel, mostly located in the center of the country. Success Parking Israel has been estimated to receive over $200 million per year at present. He is hoping to use the acquisition of Azorim to build parking lots in all of the projects built previously and currently in addition to using the rest of the undeveloped areas to build temporary parking lots until building permits are received for permanent parking lots.
Globes is now reporting that Tsahi Merkur, owner of Success Parking, Ltd. is one of the contenders for buying Azorim. Merkur is looking into buying a 51% share of Azorim and plans on using his share to build more parking lots for the company. Merkur may be interested in a deal for 750 million Shekels to buy the controlling interest from Boymelgreen Capital Ltd. (TASE:BMGN) who is now holding 64% of Azorim’s shares.
The deal will be with a 20% premium on the current market of Azorim and a one year call option which will let Tsahi buy the balance of Boymelgreen Capital’s with a 10% premium of deal price.
Original Globes article can be found posted on October 28, 2010