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Israel’s Bank Leumi says will reap USD 77.7 million from ironSource

Leumi, Israel’s largest bank, said on Wednesday it will earn 253 million shekels ($77.7 million) from its investment in mobile adtech firm ironSource.
Israel’s ironSource went public on the New York Stock Exchange at an $11 billion valuation on Tuesday after closing its merger with a blank-check company backed by U.S. private equity firm Thoma Bravo.

Leumi had held a 1% stake in ironSource but Leumi said that as part of the transaction it sold 1.29 million shares in the company, resulting in a pre-tax profit of 39 million shekels in the second quarter, reported Reuters.

Leumi said it will also gain 214 million shekels for the revaluation of the bank’s remaining 0.75% ownership stake.

The investment in ironSource was made by Leumi Partners, Leumi’s non-financial investment unit.

Leumi will also book a 90 million shekel gain in the second quarter from the sale of shares in Retailors Ltd.

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