Fishman Holdings has sold 10% of his Indian real estate development company, Mondon Investment Ltd., to Migdal Insurance and Financial Holdings Ltd. at a company value of $600 million, plus repayment of an owners loan that it provided the company.
Migdal will pay an additional $10 million if Mondon goes public within five years at a higher company value. If no IPO is held within this period, Migdal can force Fishman to buy back the stake by exercising a put option. Elazar Fishman promised that a member of his family would stay on Mondon’s board at least until the IPO.(Globes)