Economy

Calcalist: Milgam and Pheonix acquire Israel Postal Company, completing privatization process

The winners of the bid for the privatized company will take on its 440 million NIS of debt and fixed labor agreements.

Israeli postal office. (Photo: Apustus/Shutterstock)

A group led by Milgam and Pheonix Insurance won the bid to buy out the now privatized Israel Postal Company, according to Calcalist.

The group beat out bids by other companies including Rami Levi, and will now take on the company's debt of 440 million NIS and its fixed labor agreements. Calcalist does note that the service has begun to turn a profit thanks to the work of CEO David Leron and Chairman Mishael Vaknin.

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