Business brief
Corporate Overhauls and Capital Repositioning
TASE charts a holding-company transformation, Wiz founders secure Reshet 13, and Teva refinances $4.9B to clear runway for branded drugs.
Business
Teva retired $4.9B in near-term notes to defuse its debt wall — clearing balance-sheet runway to invest in branded drugs and biosimilars.
BackgroundTeva took on over $30B in debt to finance its acquisition of Actavis Generics in 2016, creating persistent balance sheet headwinds. Management has executed multi-year debt repurchases while pivoting operational resources toward branded immunology and biosimilar pipelines.
- The $4.9B note issuance was heavily oversubscribed across international credit markets, allowing Teva to secure favorable borrowing spreads.
- Proceeds will retire bonds maturing between 2026 and 2037, eliminating near-term maturity cliffs and improving corporate credit ratings.
- Teva's dual-listed shares touched five-year highs on the Tel Aviv Stock Exchange following completion of the bond refinancing package.
- Credit analysts noted that extended debt maturities provide cash runway to finance clinical trials for proprietary autoimmune drugs and biosimilars.
Business
Wiz's founders cleared their final regulatory hurdle to rescue Channel 13 — committing $120M to keep Israel's second commercial newsroom independent.
BackgroundReshet 13 has struggled with operational deficits and fierce advertising competition from market leader Channel 12. Prior attempts to appoint political allies to run its news division sparked staff protests, regulatory inquiries, and legal challenges.
- The Second Authority Council approved the ownership transfer after Rappaport and Costica agreed to strict editorial independence safeguards.
- The founders pledged $120M in primary equity capital over 36 months to retire debt and finance digital broadcasting upgrades.
- Regulatory covenants require minimum annual spending thresholds on local Israeli television productions and investigative journalism formats.
- Media analysts described the transaction as a protective civic intervention, using cybersecurity wealth to preserve balance in Israel's commercial news market.
Business
TASE is transforming into an agile holding company to chase NIS 1B in annual sales — targeting Wall Street trading overlap and acquisitions to outgrow domestic fees.
BackgroundThe exchange demutualized in 2019 to operate as a commercial corporate enterprise listed on its own index. Chief Executive Ittai Ben-Zeev has pushed to expand its international footprint and diversify recurring revenue beyond domestic trading fees.
- Restructuring into a public holding company allows independent operating units to acquire fintech vendors and onboard international strategic partners without regulatory gridlock.
- The strategic masterplan targets compound annual revenue growth between 15% and 18% through 2031, scaling total turnover to NIS 1B.
- Management is evaluating an electronic evening trading session to align order routing with Wall Street, alongside dual-currency settlement mechanisms.
- New corporate divisions will offer institutional custody, corporate trustee, and private fund administration services to expand recurring software revenues.
Business
Air Canada accelerated its Tel Aviv return to November — re-establishing the only direct air bridge between Israel and Canada.
BackgroundInternational airlines suspended flights to Tel Aviv following the outbreak of regional hostilities in October 2023. Flag carrier El Al previously ceased direct service to Toronto in 2022, leaving the Canadian corridor without nonstop connectivity during foreign carrier cancellations.
- The accelerated return schedule introduces four weekly non-stop flights using wide-body Boeing aircraft, restoring direct transatlantic passenger capacity.
- Air Canada becomes the sole scheduled operator connecting Israel directly to Canada, capturing unmet business and diaspora travel demand.
- The decision follows recent flight resumptions to Ben Gurion Airport by United Airlines, Delta Air Lines, and Scandinavian flag carrier SAS.
- Tourism and trade officials noted that restoring direct aviation links removes friction for bilateral trade delegations and technology corporate travel.
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