Warburg Pincus LLC entered into an agreement to acquire Leumi Card Ltd. from Bank Leumi le- Israel B.M. (TASE:LUMI) and Azrieli Group Ltd (TASE:AZRG) for ILS 2.7 billion on July 26, 2018. As part of the consideration, Warburg Pincus would pay ILS 1.05 billion upon completion of the deal, a further ILS 342 million a year later and the remaining amount after two years. Leumi would receive ILS 2 billion for its 80% stake and Azrieli would receive ILS 500 million for its 20% stake. The consideration shall be adjusted for a possible dividend distribution. According to the agreement, Bank Leumi may receive an additional income of up to ILS 273 million beyond the sale price, subject to meeting several terms and conditions. Consideration is subject to Leumi Card's overachieving the results outlined in the business model presented to Warburg Pincus. As part of financing the deal, Harel Insurance Investments and Financial Services provided ILS 850 million to Warburg Pincus. The agreement is subject to preconditions including the receipt of regulatory approvals required by law. As of February 17, 2019, all conditions for the sale have been met including regulatory approval. Deal will be completed on February 26, 2019. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor for Bank Leumi le- Israel B.M. Elite Elkon, Aviad Rabinowitz, Alon Peled, David Chester, Ori Yitzhak, Uri Heller, Michael Ayalon, Sagi Padureanu, Avner Finkelshtein and Danielle Skald of Gornitzky & Co. acted as legal advisors for Warburg.

Warburg Pincus LLC completed the acquisition of Leumi Card Ltd. from Bank Leumi le- Israel B.M. (TASE:LUMI) and Azrieli Group Ltd (TASE:AZRG) on February 25, 2019. Leumi Card is expected to rebrand and change its to name to max. The staff at Leumi Card will be retained. As of February 17, 2021, Bank Hapoalim, through loan facility agreement has extended loan facility to Warburg Pincus LLC in a total amount of ILS 700 million for financing the third payment of the consideration for this transaction. Gornitzky & Co. facilitate the negotiation for loan facility agreement.