Apax Partners Israel has placed a bid to buy out Mivtach Shamir Holdings’ stake in Tnuva Food Industries, Globes reports. Mivtach has a 20.7% stake in Tnuva, which has a company value of $1.7 billion, including debt.

Apax and Mivtach control Tnuva via a special purpose vehicle, which is 27% owned by Mivtach. Mivtach Chairman Meir Shamir will gain $226.3 million in case the deal is signed.

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