Lehman Bros. takes 5% stake in Adama

Under terms of the agreement, TASE-traded Adama will sell Lehman 6.9 million shares at a company value of NIS 1.9 billion.

Lehman Brothers Inc. said Sunday it will buy a 5 percent stake in real estate developer Adama Holding Ltd. for NIS 95 million. Under terms of the agreement, TASE-traded Adama will sell Lehman 6.9 million shares at a company value of NIS 1.9 billion. Adama Holding's other shareholders are Austria's Immoeast Projeckt Hylas Holding GmbH, a subsidiary of Immoeast AG, which holds 22.5%; Tiger Global with a 44.4% stake and the RomRe private equity fund, controlled by the Jesselson family, which has an 11.3% stake.