Hi-tech executive Zaki Rakib is to purchase up to half of Ma’arivHoldings, the publisher of the Ma’ariv newspaper, from the Nimrodifamily firm, Israel Land Development Corporation.
ILDC announced that a memorandum of understanding had been signed thisweek for a three-stage deal, under which Rakib would initially pay $10million for 22.5 percent of Ma’ariv’s shares and take over as chairmanof the board.
He may increase his stake to 30% within 30 days byinvesting an additional $5m. In the third stage, Rakib may exercise aone-year option to reach the same stake as the Nimrodis, who would hold43% of the shares.
The deal values Ma’ariv at $35m., a 10th of the price Russian businessman Vladimir Gousinsky paid for it in 1998.