The Legal 500

Alan Sacks heads Herzog Fox & Neeman’s banking and finance department and international practice, which recently welcomed to the team Citi Israel’s former head of legal Irit Roth. Sacks is advising Export-Import Bank of China as lender on the $1.68bn financing of China National Agro Chemical Corporation’s acquisition of a controlling interest in Makhteshim Agan Industries. The department operates in three main areas: debt financing, regulatory banking and derivatives and financial products. Specialist areas of practice are loan transactions, acquisition financing, aviation financing, structured financing and regulatory issues. Ronen Baharav left to found PNB Preis Nave Baharav Law Office.

Kantor, Elhanani, Tal & Co’s clients report ‘excellent service in every aspect of their work’. In banking, the firm recently represented the Association of Banks in Israel in major legislative proceedings including amendments to the Banking Law (Licensing) and to the Banking Ordinance (‘Marani Law’). In financing, the firm represented Bank Leumi, organiser of a consortium of banks, which funded Dalia Power Energies’ establishment of an independent natural gas power plant. It also acted for Phoenix Insurance on the financing of a special purpose vehicle (SPV) held by Electra, and for Shikun & Binui on the financing of Tel Aviv’s new court tower. Dalia Tal is recommended.

S. Horowitz & Co, one of the largest banking and finance practices in Israel, recently acted for Bank Leumi and its US subsidiary on two multi-currency revolving facilities totalling $250m for Gazit-Globe Limited and Gazit First Generation LLC. It also acted for a banking consortium led by Bank Hapoalim on its $230m financing of the merger of Ness Inc Group – part acquisition and part working capital financing – in a deal involving a reverse triangular merger by an SPV ultimately owned by Citibank. Other clients include HSBC and First International Bank of Israel.

Caspi & Co advises commercial banks, non-bank lenders, corporate borrowers, insurance companies, hedge funds, and representative offices of overseas banks and financial institutions. It acts in refinancing arrangements, receiverships and liquidations, provision of credit facilities, leveraged buy-outs and regulatory matters.

‘Highly responsive and involved in all aspects of the deal’, Gornitzky & Co. recently acted for Isramco Negev as the borrower in a $3bn financing deal to exploit a major offshore gas field. On the lender side, the firm represented Bank Hapoalim in the ILS2bn cross-border security transaction and refinancing of the Memorand and Leviev Group. Moriel Matalon, Zvi Ephrat and chairman Pinhas Rubin are key figures. Ari Fried, Timor Belan, and Idan Baki were promoted to the partnership.

Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co acted for Psagot Investment House and York Capital on the $600m sale of the controlling interest of Psagot to Apax, one of the largest financial sector transactions during 2010. In May 2011, the firm handled the ILS200m purchase of 75% of Highway 431. It advises foreign banks such as Deutsche Bank and UBS on their Israel activities, and is principal legal adviser to FIBI Bank and FIBI Holdings, Mizrahi Tefahot Bank, and Dexia Israel Bank. Natalie Jacobs, Rona Bergman, and Gil Mizrahi are recommended.

Yehuda Raveh & Co. was recently instructed in connection with a $250m loan to a major Israeli bank, and represented borrowers in the negotiation and arrangement of a $1.3bn credit facility. It also acted in converting Bank of Jerusalem to commercial bank status. Other clients include Leumi Bank, HSBC, Royal Bank of Canada, Credit Suisse, and State Bank of India. The firm has been appointed to the advisory panel to the board of directors at United Mizrahi Bank.

Yigal Arnon & Co is well known for cross-border transactions, and represents many high-profile international clients, including UBS AG, The Bank of New York, State Bank of India, and Barclays Capital. The firm has been retained by the International Swaps and Derivatives Association to provide the Israeli industry collateral opinion with respect to derivative transactions, and by the International Capital Market Association to provide the Israeli industry opinion on securities repurchase transactions. Highlights included representing the Azrieli Group in its $130m financing of the acquisition of Galleria mall complex in Houston, Texas from JPMorgan.

Epstein Rosenblum Maoz (ERM) provides ‘excellent services, very quick response times, and excellent responses’. The firm recently acted for the Red Sea Group on real estate financing including data centres in Israel and the US; it also advised JPMorgan and Morgan Stanley on a $3bn refinancing of Permira’s acquisition of a majority stake in NDS Group. Other clients include Delek, Barclays Capital and Citibank. Amnon Epstein is ‘very good at explaining Israeli law issues to foreign lawyers’.

Fischer Behar Chen Well Orion & Co advises the Ministry of the Treasury and Bank of Israel on privatisation of state-owned banks, as well as on drafting statutes to regulate control of the banks. Avraham Well and Miri Kimhi recently represented the Eurocom Group in obtaining a ILS4.6bn financing agreement with a consortium of lenders.

Internationally oriented Meitar Liquornik Geva & Leshem Brandwein advises banks regarding banking regulations and securities law and the group is experienced in dealing with the regulators. Recent highlights include acting for new client HOT in a complex ILS3.4bn refinancing of an operating company involving syndication and regulatory issues, and advising the same client on matters relating to the rollover of security interest co-ordinated simultaneously with a bond offering by the borrower.

Naschitz, Brandes & Co. has a strong fund formation practice – it was selected to represent the Israeli Ministry of Finance in forming the Manof Funds – and represents one of Israel’s largest and most active private equity funds. The firm was instructed by OrbiMed Healthcare Fund Management to establish OrbiMed Israel, a $200m healthcare fund sponsored by the Israeli government. Sharon Amir is recommended.

Yaacov Salomon, Lipschutz & Co advises major local and foreign banks and financial institutions in all day-to-day banking and finance matters, and has extensive experience representing clients in negotiating loans, credit facilities and other financial transactions.

Zellermayer Pelossof Rosovsky Tsafrir Toledano & Co. acted for Apax Partners in the $600m financing of the acquisition of Psagot Investment House from York Capital, and for the same client as controlling shareholder of Tnuva in connection with credit agreement obligations. Avi Pelossof is acting as one of the joint administrators under a stay of proceedings order for certain Israeli Nortel entities as part of a global process.

Service levels at Amit, Pollak, Matalon & Co Advocates and Notary are ‘very high by any measure’. The firm specialises in non-bank financing, representing many of the biggest institutional lenders and insurers in the country and clients include Clal Finance, Mustang Mezzanine Fund, Migdal Insurance, and KCPS Investment Fund. It recently represented Manof IIA and Manof IIB KCPS investment funds in a ILS120m finance transaction with Almog Yam Suf Holdings.

M. Firon & Co Advocates and Notaries is advising on the financing of a number of PFI and BOT projects including acting for Shikun & Binui and Electra regarding the Tel Aviv court house complex in Tel Aviv, and RES in procuring finance to fund photovoltaic power projects.

Yuval Levy & Co is best known for representing Leumi Card, but picked up new clients this year including appointments as Israeli counsel to Paypal, with regard to all regulatory aspects of its Israeli business, and Payoneer. It was instructed by Direct Financing regarding the sale of a loan portfolio to an Israeli bank, and advised Global Factoring on indemnification issues.