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London-based XIO Group to Acquire Israeli Investment House Meitav Dash for $386M

London-based XIO Group to Acquire Israeli Investment House Meitav Dash for $386M

XIO acquired Israel-based Lumenis Ltd. (NASDAQ: LMNS), the world’s largest energy-based medical company for surgical, ophthalmology and aesthetic applications, for $510 million, as reported by ExitHub. XIO Group is a global multi-billion dollar alternative investments firm headquartered in London, with operations in the United Kingdom, Germany, Switzerland, Hong Kong and mainland China. The firm’s strategy is to identify and invest in market-leading businesses across North America and Europe and to assist these companies in capitalising on untapped opportunities in high growth markets, particularly in Asia. XIO Group, founded in 2015, seeks to deploy more than $5 billion of committed capital for global transactions, says the company. Athene Li and Joseph Pacini co-founded XIO Group in 2014 and co-lead the firm. Previously, Li was head of China for Olympus Capital and worked as an investment banker for Merrill Lynch and Bear Stearns. The firm’s CEO Pacini previously served as managing director and head of Alternative Investments Strategy Group (Asia Pacific) for BlackRock and head of Alternative Investments for JPMorgan in Asia. “The acquisition of Meitav Dash is an ideal fit for XIO’s strategy,” said Pacini. “We received an offer from this international fund a few months ago and even though we weren’t interest in a sale the offer was good enough that we thought we should examine it,” Meitav chief executive Ilan Raviv told Reuters. The boards of both companies have approved the deal, subject to regulatory and shareholder approval. BRM Group’s chairman and co-founder Eli Barkat reportedly owns a 28.5 percent stake in Meitav, while Meitav’s co-founder, chief investment officer and chairman Zvi Stepak holds a stake of more than 27 percent in the company. Both have committed to voting in favor of the deal. Meitav’s 800 employees reportedly hold options worth 50-100 million shekels. Raviv, Barkat and Stepak are expected to continue managing the Meitav group after the closing. Photo (L-R): Zvi Stepak and Eli Barkat.]]>