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(From Israel Business Arena)
Byline: Eran Peer
Migdal Insurance (TASE:MGDL) is expected to sell 50% of its investment house, Migdal Capital Markets, to Bear Stearns (NYSE:BSC) of the US at a company value of NIS 112 million.
Bear Stearns is carrying out the deal through Bear Stearns Asset Management (BSAM). Bear Stearns executive Robert Adler will arrive in Israel tonight to conclude the deal. Bear Stearns is the sixth largest investment bank in the US, with a market cap of $9 billion.
Bear Stearns owned a third of Jerusalem Economic Corp. (TASE:ECJM) (JEC), controlled by Eliezer Fishman, until three years ago. It has not had any …