Industrial Buildings Corporation Ltd. (TASE:IBLD) agreed to acquire Jerusalem Economy Ltd. (TASE:ECJM) for ILS 3.2 billion on March 27, 2019. Pursuant to the terms of transaction, shareholders of Jerusalem Economy will receive 1.935 shares of Industrial Buildings Corporation against each share. The transaction is subject to approval from several conditions, including approval of the shareholders of both Jerusalem Economy and Industrial Buildings.

The transaction is approved by Boards of Directors of Jerusalem Economy and Industrial Buildings. The transaction was approved in the general shareholders meeting held on May 14, 2019. As of October 24, 2019, the transaction is expected to close between November 4, 2019 and November 6, 2019.

UDI Efron and Sarit Moussayoff of M. Firon & Co. Advocates acted as legal advisors for Industrial Buildings Corporation Ltd. and the independent board committee. Fischer Behar Chen Well Orion & Co acted as legal advisor for Jerusalem Economy Ltd.