In this transaction, Office Depot Israel is worth 80 million NIS and the chain has a debt of 45 million NIS, so Zim will receive 35 million NIS.
After intensive negotiations, Rani Zim signed an agreement on Friday to sell the Office Depot retail chain to car importer UMI (Universal Motors Israel). The sale amounted to 80 million NIS, including the 45 million NIS debt payable by Office Depot.
“Globes” first reported that Zim was selling Office Depot through EY seven years after purchasing Office Depot. The chain consists of 41 branches around Israel. Jim kept it personally and wasn’t through a public real estate company bearing his name. The reason for the sale is that Jim wants to focus on strengthening and expanding the commercial real estate business.
In the current transaction, Zim receives a net amount of 35 million NIS. He is estimated to have invested 30 million NIS in the acquisition of Office Depot. He bought half the stake in the chain in 2014 and the rest a year later.
Globes publishes Israeli business news- en.globes.co.il -May 22, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Rani Zim Credits: Eyal Izhar
Rani Zim sells Office Depot to UMI
https://en.globes.co.il/en/article-1001412603#utm_source=RSS Rani Zim sells Office Depot to UMI