Israel’s stock exchange will sell a nearly 20 percent stake to New York-based investment fund Manikay Partners LLC, part of a quest to invigorate trading and attract more initial public offerings to the Middle East’s only developed market.
The deal values the Tel Aviv Stock Exchange at 551 million shekels ($157 million), according to a release from the bourse Monday. In addition to Manikay’s 19.9 percent stake, 21.8 percent will be sold to unspecified international investors.