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Technology / AI and automation

MIGHTY KOOR BUYS 10% STAKE IN ECI TELECOM

Koor Industries Ltd, Israel’s biggest holding company with business interests across the board, is set to buy 8.35m shares in ECI Telecom Ltd for $275m, resulting in a 10.66% stake. ECI is an Israeli manufacturer of digital telecommunications systems, which in the nine months to September this year, turned over $492m with profits of $93.1m. The stake is to be purchased from the Claridge Israel Group, which itself owns 25.8% of Koor. Claridge will receive newly issued shares in Koor as consideration for the sale, bringing its total interest in Koor up to 35.4%. Koor, which accounts for 7% of Israel’s industrial output and exports, classifies telecommunications as one of its three core businesses.

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