Viola Credit agreed to acquire Negev Ceramics Ltd. from Africa Israel Industries Ltd. (TASE:AFID) for approximately ILS 340 million on April 4, 2017. As part of the transaction, Viola Credit will reschedule NIS 260 million in bank debt and inject NIS 75 million into Negev Ceramics in order to improve its cash flow. As part of the agreement, Viola Credit will deposit NIS 10 million in trust for Negev Ceramics. If the transaction does not go through, the deposit will be foreclosed as compensation agreed by Viola Credit and Africa Israel Industries. Post-completion, Viola will announce the appointment of Uri Gilboa as Chief Executive Officer of Negev Ceramics. Barnea & Co acted as legal advisor to Viola Credit.