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Rani Zim sells Office Depot to UMI

The offer values Business office Depot Israel at NIS 80 million, of which Zim will obtain NIS 35 million, as the chain has NIS 45 million financial debt.

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Soon after intense negotiations, Rani Zim signed an agreement on Friday to promote the Place of work Depot retail chain to automobile importer UMI (Common Motors Israel). The sale is at a valuation of NIS 80 million, and features NIS 45 million credit card debt owed by Office environment Depot.

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“Globes” 1st noted previous August that Zim was placing Workplace Depot up for sale as a result of EY, 7 a long time right after he purchased it. The chain is made up of 41 branches about Israel. Zim held it privately, and not by the community actual estate organization that bears his title. The motive for the sale is that Zim wishes to focus on boosting and growing his industrial authentic estate company.

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In the present offer, Zim receives NIS 35 million net. He is estimated to have invested NIS 30 million in having about Business Depot. He purchased 50 % the shares in the chain in 2014, and the remainder a 12 months afterwards

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Released by Globes, Israel business enterprise information – en.globes.co.il – on May perhaps 22, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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Rani Zim  credit: Eyal Izhar

Rani Zim credit: Eyal Izhar