Business brief
Corporate Realignment Under Pressure
Domestic energy pacts fracture over export margins as balance sheets absorb takeover scrutiny, defense procurement delays, and index promotions.
Business
NewMed voided its $6.7B domestic gas supply contract — testing whether Israeli power producers can force offshore drillers to honor domestic quotas.
BackgroundThe Leviathan offshore gas reservoir supplies domestic power producers while sending gas across regional pipelines to Jordan and Egypt. NewMed Energy, controlled by Yitzhak Tshuva's Delek Group, holds the primary operating stake in the Leviathan field alongside Chevron.
- NewMed asserted Dalia failed to satisfy contractual financing conditions before the agreed deadline, declaring the multi-decade domestic supply contract void.
- Dalia Energy rejected the cancellation as an unlawful breach, citing unconditional clearance from the Competition Authority and vowing emergency court injunctions.
- Market analysts note NewMed is incentivized to pivot gas reserves to its $35B Egyptian export deal, where prices significantly exceed regulated domestic caps.
Business
Zim hiked operating profit projections by 72% — providing management strong financial leverage as state regulators stall its $4.2B foreign takeover.
BackgroundZim operates container routes across global trade corridors, maintaining a special golden share held by the State of Israel to guarantee shipping capacity during national emergencies. German shipping giant Hapag-Lloyd partnered with private equity firm FIMI on a $35-per-share buyout offer.
- Zim raised its adjusted EBITDA midpoint by 30% to $2.85B and EBIT guidance to $1.4B–$1.7B due to resilient spot rates across Pacific and Atlantic lanes.
- Israel's Government Companies Authority paused the golden share review, requiring binding assurances regarding Israeli maritime independence, vessel availability, and crew maintenance during emergencies.
- Shares rose over 4% to $30.40, maintaining a 13% discount to Hapag-Lloyd's buyout price amid persistent doubts over regulatory government sign-off.
Business
Capitolis secured $220M at a $1.9B valuation to absorb eSecLending — consolidating institutional securities lending into its automated marketplace.
BackgroundFounded by serial entrepreneur Gil Mandelzis, Capitolis builds SaaS infrastructure to help global banks and asset managers optimize capital requirements and balance-sheet capacity. eSecLending operates third-party securities lending programs for major global pension funds and asset managers.
- The financing package includes $120M in fresh Series E equity and $100M in debt to fund the $200M all-cash acquisition of eSecLending.
- The integration combines Capitolis's financial marketplace algorithms with eSecLending's established network of institutional asset owners, automating manual lending and collateral distribution.
- The acquisition accelerates Capitolis's Tel Aviv product engineering operations, expanding its technical footprint into automated collateral optimization and regulatory capital management.
Business
El Al crossed an ₪11.5B market valuation on foreign airline cancellations — capturing an imminent promotion into the blue-chip TA-35 index.
BackgroundThe TA-35 index tracks the largest 35 corporations listed on the Tel Aviv Stock Exchange by market valuation. Regional security risks prompted many European and American commercial airlines to repeatedly cancel scheduled services into Ben Gurion Airport.
- El Al generated $1.04B in cumulative net profits through the first half of 2026, benefiting from exceptional passenger load factors across long-haul routes.
- Promotion into the TA-35 benchmark will trigger mandatory purchases by domestic index-tracking mutual funds and institutional pension plans, cementing strong liquidity support.
- Competitors continue facing war-risk insurance surcharges, leaving El Al with an effective commercial monopoly on several key transatlantic and European corridors.
Business
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