Eastern Holdings Co. Ltd. signed a memorandum of understanding to acquire additional 46.1% stake in Universal Motors Israel Ltd. from Kardan Israel Ltd. (TASE:KRIS) for approximately ILS 400 million on May 23, 2016. Under the terms of the transaction, a total of ILS 214.41 million will be paid upon completion, while the rest will be paid in annual installments for a total of five years. Kardan Israel granted Eastern with a right, exercisable until completion, to sell up to 4 million shares of Kardan Israel at a price per share of ILS 4.08. As of July 31, 2016, the transaction is cancelled. Eastern Holdings Co. Ltd. signed an agreement to acquire additional 46.1% stake in Universal Motors Israel Ltd. from Kardan Israel Ltd. (TASE:KRIS) on September 28, 2016. Under the terms of the transaction, a total of ILS 214.41 million will be paid upon completion, while the rest will be paid in annual installments of about ILS 45.7 million each, on the months 12, 24, 36 and 48 from completion. Completion is subject to several pre-conditions, including the approval of regulators and third parties. As of July 24, 2016, Board of Kardan Israel Ltd. approved the transaction. Closing is expected to occur on or about July 31, 2016. Completion is expected to occur at the beginning of November, and may be postponed until the end of 2016. Pearl Cohen Zedek Latzer Baratz acted as legal advisor in the transaction. Eastern Holdings Co. Ltd. completed the acquisition of additional 46.1% stake in Universal Motors Israel Ltd. from Kardan Israel Ltd. (TASE:KRIS) on November 3, 2016.