XIO Group entered into an agreement to acquire Meitav DASH Investments Ltd (TASE:MTDS) from BRM Group, Zvi Stepak and others for ILS 1.8 billion on December 1, 2016. As part of the consideration, Meitav's shareholders will be offered two alternatives for the acquisition; they can sell their shares for ILS 22 per share or ILS 13.7 per share in cash now and a further ILS 13.7 per share in payments over three years in the form of a bond from completion of the deal. As part of the deal, Ilan Raviv, Zvi Stepak and Avner Stepak will remain in their positions and continue to manage Meitav DASH Investments. The deal is subject to regulatory approval. The Boards of directors of both Meitav Dash and XIO have approved the deal. The transaction is subject to approval from shareholders of Meitav and regulatory approvals. As of April 12, 2017, the deadline for obtaining regulatory approval has been extended. As of June 8, 2017, Meitav Dash has extended the deadline to additional 75 days until August 21, 2017, for XIO to submit the relevant documents to the Israeli regulator for completing the transaction. However, if until July 7, 2017, Meitav Dash is not presented with a binding letter of intent with the Israeli shareholders, or if XIO fails to apply for regulatory approvals within 75 days, Meitav Dash will be entitled to cancel the merger agreement.