Sky Fund invests $20m. in Barak 013

Also, Sky and Clal, together, will help Barak raise a further $30m. to buy back all of Barak's outstanding bonds worth $65m.

barak 013 88 (photo credit:)
barak 013 88
(photo credit: )
The Sky Private Equity Fund, founded by Zvi Yochman and Nir Dagan, will invest $20 million in Internet and telecom provider 013 Barak - half as equity and the other through convertible bonds. At the same time, Clal Industries and Investments of the IDB group, which controls Barak, will invest $15m. in the telecom provider through subsidiary Clalcom. Clal will invest $5m. as equity and the remaining $10m. in convertible bonds. Also, Sky and Clal, together, will help Barak raise a further $30m. to buy back all of Barak's outstanding bonds worth $65m. As a result of the process, Clal will own 60% of Barak and Sky 30% and Yochman will be named chairman of Barak.