Aura to Acquire Beit BeKfar Assisted Living Chain for NIS 1.7 Billion

In depth

Aura, a real estate company controlled by Yaakov Atraqi, has signed an agreement to acquire all of the shares of Beit BeKfar for NIS 1.7 billion. According to Calcalist, the consideration includes NIS 1.15 billion in cash and NIS 550 million in Aura shares, based on a company valuation of NIS 5.5 billion.

According to Ynet, Beit BeKfar currently operates 975 housing units across five complexes and is advancing the construction of 884 additional units in Be'er Yaakov, Modi'in and Kibbutz Ushe. According to Bizportal, Aura is in talks for bank financing of most of the cash component, and Atraqi said the company has agreements with the banks. Aura's share price fell by up to 8% following the announcement, according to Bizportal.

According to Bizportal, the premium over the market value before the announcement stands at about 82%, and Beit BeKfar's share price rose about 55%. According to Ice, the share surged on very high volume on Monday.