Fosun International takes stake in Israeli insurer

Delek Group Ltd has agreed to sell its controlling stake in Phoenix Holdings Ltd, Israel's fourth-largest insurance provider by market value, to China's Fosun International Ltd.

Delek, an Israel-based holding company, announced on Sunday that it would sell its entire 52 percent stake to a unit of the Shanghai-based conglomerate, according to an e-mailed statement. The purchase price is about $461.6 million plus interest accrued before the deal's closing date, with other adjustments possible, Fosun said in a statement to the Hong Kong stock exchange. The maximum payable may be about $489 million, it said.

Asaf Bartfeld, chief executive officer of Delek Group, said in an e-mailed statement: "It is an important strategic deal for the group ... We are in a great starting position to implement our plans and undertake strategic investments in the international energy market, which will be synergistic and complementary to our activities."