Bill Ackman, the CEO and Portfolio Manager at hedge fund Pershing Square Capital Management, and his Israeli-born wife, Neri Oxman, have paid $25m to acquire a 4.9% stake in the Tel Aviv Stock Exchange (TASE), according to a report by Reuters.
The purchase, which was confirmed by the Israeli bourse on Wednesday, was part of TASE’s secondary offering of 18.5% of its shares, which saw 17.2m shares sold at a price of ILS20.60 per share, for a total of ILS353.4m ($95m).
According to TASE, net proceeds from the sale amounted to ILS242m after the deduction of placing commissions and other offering expenses.
The funds will be used for investment in TASE’s technology infrastructure, with the offering expected to close on 15 January.
As well as Ackman and Oxman, the offering attracted investors from across Israel, the US, Europe and Australia, which according to TASE, reflects “a strong vote of confidence in both the Tel Aviv Stock Exchange and the Israeli economy at large”.
Ackman and Oxman’s investment is a personal transaction and not connected to Pershing Square, which returned 27% last year.
Speaking to Reuters, Ackman, who has been active in addressing antisemitism since Israel launched military action in Gaza, said: “Owning an exchange in a country with tremendous long-term growth potential is one of the best investments you can make. It represents our support for Israel, and our confidence in its economy and long-term future.”
