By JNS Staff
Affinity Partners remains the Israeli insurer's top shareholder after the $342.8 million sale, citing long-term commitment.
Jared Kushner's investment firm, Affinity Partners, sold a quarter of its stake in Israeli insurer Phoenix Financial Ltd. for 1.05 billion shekels (about $343 million) on Tuesday, according to Globes.
U.S. investment bank Jefferies led the transaction, in which Affinity Partners sold 2.5% of its holdings to U.S. financial institutions at a 4% discount to that morning's opening price. The sale trims Affinity Partners' stake to 7.4%, though it remains Phoenix Financial's largest single shareholder, with a remaining position worth roughly 3.3 billion shekels ($1.08 billion).
Combined with the sale proceeds, Affinity Partners' total gain on its original investment now stands at about 3.4 billion shekels ($1.11 billion).
Kushner's firm first took a 5% stake in Phoenix Financial two years ago for 470 million shekels ($153 million). It later exercised options to raise its total investment to 940 million shekels ($307 million) after Israel's Capital Market, Insurance and Savings Authority approved the move in early 2025.
Phoenix Financial's share price has climbed about 420% since Affinity Partners became a shareholder, pushing the insurer's market value to roughly 44 billion shekels ($14.4 billion).
Announcing the sale, Affinity Partners said it remains "a substantial long-term shareholder" in Phoenix Financial and looks forward to further collaboration with management on regional growth, reinsurance and asset management opportunities.
