
Friedman takes over Boymelgreen’s Azorim
Canadian Jewish property developer Hershy Friedman has rescued Mizrahi Tefahot Bank (TASE:MZTF) from the Azorim Investment, Development and Construction Ltd. (TASE: AZRM) swamp. Friedman will buy Shaya Boymelgreen’s 63.8% stake in the real estate company for NIS 300 million, which gives Azorim a valuation of NIS 470 million. Azorim’s current market cap is NIS 517 million.