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Gornitzky & Co.

45 ROTHSCHILD BLVD, TEL AVIV 6578403, ISRAEL
Tel:
Work +972 3 710 9191
Fax:
Fax +972 3 560 6555
Email:
Web:
www.gornitzky.com
Herzliya Pituach, Tel Aviv

Israel

Banking and finance
Banking and finance - ranked: tier 1

Gornitzky & Co.

Gornitzky & Co. is engaged by domestic and international lenders in a range of financing mandates, and has particular strengths in cross-border acquisition finance and factoring transactions. Department head Eli Elya acted for Bank Hapoalim and several Israeli institutional lenders, including Meitav Dash, in relation to a transaction with Israel Land Development and Seven Stars Mall to refinance an existing syndicated loan. Additionally, the team provides advice to Phoenix Insurance Company in relation to multiple cross-border finance mandates, including its role in a syndicate led by five international banks for the provision of $1.5bn to finance a real estate project in Manhattan. The firm also has a number of fund relationships, which complement its strong banking practice. In another cross-border highlight, Dubi Gross advised Apollo on the provision of financing for SK Capital's acquisition of Perrigo API from Perrigo. Elite Elkon provides extensive regulatory support to several of Israel's largest banks and also has an active cross-border finance practice.

Next generation lawyers: Banking and finance

Dubi Gross - Gornitzky & Co.

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Capital markets
Capital markets - ranked: tier 1

Gornitzky & Co.

Gornitzky & Co. has an active domestic capital markets practice, and has particular experience in acting for issuers and underwriters in relation to US offerings by Israeli companies, especially those in the life sciences sector. Having advised the underwriters on UroGen Pharma's Nasdaq IPO in 2017, Chaim Friedland and Ari Fried have since handled similar mandates, including recently acting for Jefferies and BMO Capital Markets in relation to Sol-Gel Technologies' $86m IPO on the Nasdaq Global Market. Friedland and Fried also assisted International Flavors & Fragrances with an equity listing on the TASE in connection with its $7bn acquisition of Frutarom Industries. Further, Yair Shiloni served as co-counsel to Fattal Holdings in relation to its IPO on the TASE, while Itay Geffen advised Shefa Yamim on its IPO on the LSE. In the debt space, the team, which includes Sharon Werker-Sagy, has handled various debt offerings for clients such as Strauss Group and Menora Mivtachim Capital Raising.

Leading individuals

Chaim Friedland - Gornitzky & Co.

Next generation lawyers: Capital markets

Yair Shiloni - Gornitzky & Co.

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Commercial, corporate and M&A
Commercial, corporate and M&A - ranked: tier 1

Gornitzky & Co.

Gornitzky & Co. has 'a solid corporate practice, with particular strengths in acting for domestic Israeli companies', though the firm is also regularly instructed by major multinational acquirers. Key contacts in the team include Elite Elkon, who is 'excellent in dealing with financially regulated companies', and department head Chaim Friedland, who has a strong reputation among international clients. In particular, Friedland was involved in the largest Israeli M&A of 2018, where he advised International Flavors & Fragrances on its $7.1bn reverse triangular merger with TASE-listed Frutarom. Additionally, Elkon advised private equity fund Warburg Pincus on its acquisition of Leumi Card, and acted for Delek Group in relation to its attempted sale of a controlling stake in The Phoenix Holdings to Sirius International Insurance Group. Acting together, Friedland and Elkon advised a prominent investment manager on the bid process for the acquisition of an Israeli technology company. Other significant clients include Apax Partners (Israel) and Altria Group.

Leading individuals

Chaim Friedland - Gornitzky & Co.

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Competition/antitrust
Competition/antitrust - ranked: tier 3

Gornitzky & Co.

The antitrust team at Gornitzky & Co. is involved in regulatory procedures and antitrust litigation for major domestic corporates, and has assisted energy companies and bank lenders with operational issues arising from industry-specific antitrust regulations. In one example, Avner Finkelshtein represented Paz Oil Company in a regulatory hearing concerning an IAA report detailing competition in the marketing segment of Israel's petrol industry. Finkelshtein has also acted for ICL, Bazan and OPC in relation to restrictive arrangement exemption requests regarding gas supply agreements with Energian Israel. The team also represents clients such as Materna Industries and Osem in class actions regarding excessive pricing.

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Dispute resolution: class actions
Dispute resolution: class actions - ranked: tier 1

Gornitzky & Co.

Gornitzky & Co. is especially noted for handling class actions in the insurance sector and is rated for its ability to 'clearly and thoroughly explain the process and case strategy to its clients'. The litigation team has particular expertise in insurance products and charging practices. Pinhas Rubin and Harel Shaham is representing Menora Mivtachim, Migdal Insurance, Harel Insurance and Clal Insurance in over a dozen claims concerning various pension funds and employee insurance; in particular, the team is acting for the companies in a class action concerning its collection of direct expenses from insured members. Additionally, Shaham and Ofer Tzur are representing an international real estate company in a class action alleging that the consideration paid to shareholders of the company in a tender offer was below market value, and Noam Ronen is involved in consumer class actions for clients including Dan Company for Public Transportation.

Leading individuals

Pinhas Rubin - Gornitzky & Co.

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Dispute resolution: local litigation and arbitration
Dispute resolution: local litigation and arbitration - ranked: tier 2

Gornitzky & Co.

Gornitzky & Co. handles high-stakes litigation for many of Israel's largest corporates. Of particular note, the team has recently been instructed by international contractors and bidders in relation to multiple complex tender related claims. In one matter, Ofer Tzur is representing a Chinese joint venture contractor in an administrative procedure initiated by a losing bidder for services on Tel Aviv's Red Line light train. Tzur is also defending Attenti Electronic Monitoring in a claim concerning a systematic litigation strategy with respect to worldwide tenders, which the plaintiff alleges amounts to unjust competitive practices. Pinhas Rubin is acting for Shikun & Binui in relation to an investigation by the Israeli Unit of Fraud Investigation regarding suspicions of illegal payments made to foreign officials. Rubin and Yaron Elhawi have also represented Bank Hapoalim in a number of high-value derivative claims, including two separate claims initiated with respect to credit the bank provided to companies controlled by Eliezer Fishman and Nochi Danker, two Israeli businessmen who have been the subjects of highly publicised bankruptcies. The department has also been representing one of the two main parties in a notoriously acrimonious partnership dispute.

Leading individuals

Ofer Tzur - Gornitzky & Co.

Pinhas Rubin - Gornitzky & Co.

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Dispute resolution: mediation and international arbitration
Dispute resolution: mediation and international arbitration - ranked: tier 1

Gornitzky & Co.

Gornitzky & Co. is 'an excellent Israeli law firm with good international connections' and 'experience going up against some of the world's top-tier firms'. The team is particularly active in LCIA and ICC arbitrations involving disputes in the construction and infrastructure sectors. A key figure in the practice group is Eli Cohen, who is representing the owner of an Israeli power plant in UNCITRAL proceedings concerning a dispute with the EPC contractor. Additionally, Cohen and recently promoted partner Nir Keidar enjoyed recent success in a high-value ICC arbitration where the team acted as lead counsel in a dispute involving the construction of the largest private power plant in Israel. The litigation department is headed by Ofer Tzur, who specialises in international litigation and mediation. Associate Nuna Lerner joined the firm in 2018, having previously worked in the dispute resolution team at Herbert Smith Freehills LLP's London office.

Leading individuals

Eli Cohen - Gornitzky & Co.

Next generation lawyers: Dispute resolution: mediation and international arbitration

Nir Keidar - Gornitzky & Co.

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Employment
Employment - ranked: tier 3

Gornitzky & Co.

The team at Gornitzky & Co. advises domestic and international employers on HR management, general employment litigation and remuneration, and also assists with the recruitment of company officers. The labour department is led by Michael Ayalon, who provides ongoing employment law advice to clients such as Melisron and Fattal Hotels. Ayalon also has experience acting for high-ranking individual employees, including, recently, the CEO of Teva, in negotiations regarding terms of employment. Marriott International and Siemens Healthcare are among the department's international clients.

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Energy and infrastructure
Energy and infrastructure - ranked: tier 1

Gornitzky & Co.

The team at Gornitzky & Co. is 'responsive, professional and very business oriented', and with strengths in finance, litigation and project development, 'the group's ability to provide a comprehensive legal service is a great plus'. A key contact in the team is Jack Smith, who advises clients including Israel Chemicals and OPC Rotem on the execution of long-term gas sale and purchase agreements with Energean Israel. Smith is also assisting IPM Beer Tuvia and Reindeer Energy with the development of power plants in various stages. Also recommended are Itay Geffen and Ronit Rosenstein-Barel, who are acting for Zero Waste, an SPC held by Shikun & Binui and a subsidiary of Azrieli Group, in relation to the development of a municipal solid waste treatment facility Rishon Le Zion. Geffen also advised Shikun & Binui - Renewable Energy on the financial closing of six high-voltage photovoltaic power plants in the south of Israel. In addition, the team has experience in transport infrastructure and is advising a consortium comprising Alstom Transport, Dan Public Transportation Company and Electra Concession on the pre-qualification process in a PPP tender for the design, finance, construction, operation and maintenance of the Green Line in Jerusalem.

Leading individuals

Itay Geffen - Gornitzky & Co.

Jack Smith - Gornitzky & Co.

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Hi-tech and start-ups
Hi-tech and start-ups - ranked: tier 3

Gornitzky & Co.

Gornitzky & Co. fields 'a very experienced hi-tech team', which has strengths across the gamut of corporate and securities transactions, international taxation, commercial agreements, finance, and tech sector regulation. The department is jointly headed by Daniel Marcus and Shlomo Landress, the latter of whom is singled out for his 'pleasant client-friendly demeanour' and 'ability to provide creative business-oriented solutions to get deals closed'. Landress is acting for an Israeli growth company in relation to its planned offering on a foreign exchange, while Marcus advised an early-stage company in the field of AI on a seed financing round, having also assisted the company with the process of incorporation. Also recommended is Oded Uni, who provides ongoing advice to a fintech accelerator. In addition, Uni has acted for a medical supply company in a number of cross-border deals, including an asset acquisition involving assets based in Canada, the US and France.

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Real estate and construction
Real estate and construction - ranked: tier 1

Gornitzky & Co.

Gornitzky & Co. is engaged by a number of prominent Israeli real estate investors and developers, but the team is particularly standout for its expertise in the retail and hospitality sectors. The department counts among its clients Israel's largest hotel chain, Fattal Group, and Melisron, which is the country's largest shopping centre group. The department is jointly led by Eyal Marom and Shlomo Cohen, who advised Commercial Centers, of the Melisron Group, on the NIS178m sale to Sela Capital Real Estate Fund of its rights in a commercial centre in Rishon Letzion. Cohen also assisted Melisron with a 49-year lease agreement for a plot at the prestigious Sarona area in Tel Aviv. Also of note, Marom assisted Vitania with the establishment of a joint venture with Delek Group for the development of a commercial and residential space in Tel Aviv, which will total 150,000 sqm. Additionally, the team advises all of Israel's largest banks on real estate and construction finance mandates, which recently included advising Bank Hapoalim and Mizrahi-Tefahot Bank on a credit agreement for the development of the TLV Fashion Mall in Tel Aviv.

Leading individuals

Eyal Marom - Gornitzky & Co.

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Restructuring and insolvency
Restructuring and insolvency - ranked: tier 1

Gornitzky & Co.

The lawyers at Gornitzky & Co. are regularly appointed as officials in some of Israel's most significant insolvency cases. Of particular note, Pinhas Rubin was recently appointed as one of three special administrators for Eurocom Communications, which has amounted debts of over NIS1bn. Moreover, prior to Eurocom's court mandated liquidation, a team including Yaron Elhawi and Eli Elya represented Bank Hapoalim in negotiations with Eurocom and its other creditors in an attempt to restructure the company's debts. The department also advises Bank Hapoalim on various proceedings arising out of the bankruptcy of Eliezer Fishman. Additionally, Rubin and Elhawi are representing the liquidators of Agrexco Agricultural Export in a claim against the State of Israel alleging that the actions of the State caused the company's debt and subsequent collapse. The team has also been engaged by clients such as First International Bank of Israel to advise on issues associated with the newly passed Law of Insolvency and Economic Rehabilitation, which will be implemented in 2019.

Leading individuals

Pinhas Rubin - Gornitzky & Co.

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Tax
Tax - ranked: tier 1

Gornitzky & Co.

Gornitzky & Co. provides individual and corporate tax structuring, regulatory advice and transactional support, and is involved in many of the country's most prominent tax disputes. In particular, the Israeli Tax Authority (ITA) has become increasingly interested in chasing large foreign companies for tax liabilities in Israel and, as a result, the team advises major multinationals on ITA tax assessments spurred by certain actions by the OECD. Daniel Paserman and Pinhas Rubin represented Flying Cargo in connection with a claim by the ITA concerning the legal treatment of 'goodwill' within a transaction for accounting and taxation purposes; at the time of writing, this matter is pending a Supreme Court appeal. Paserman is also acting for an international energy group in litigation regarding issues of distributable profits. The department continues to grow in terms of personnel and breadth of service, having recently established a sub-group focused on high-net-worth individuals. Gil Grady and Shlomo Aviad Zider are additional contacts in the department.

Leading individuals

Daniel Paserman - Gornitzky & Co.

Pinhas Rubin - Gornitzky & Co.

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Telecoms and media
Telecoms and media - ranked: tier 2

Gornitzky & Co.

Gornitzky & Co. provides the full range of service to major Israeli telecoms providers and media companies, and has acted in relation to some of the market's most significant disputes, commercial transactions and regulatory initiatives. Headed by managing partner Lior Porat, the department handles litigation and certain regulatory issues for Bezeq, and also advises yes on a  host of regulatory and commercial issues such as broadcasting licenses and consumer prices and issues arising from potential amendments to the country's Telecommunications Act 1982. Moreover, Porat has advised yes on its engagements with various international content providers such as Netflix and HBO. The team is also involved in commercial litigation in the telecoms industry and has experience in M&A in the media sector; recently it acted as Israeli counsel to Comcast Corporation in relation to its bid for the acquisition of 21st Century Fox's assets. Additional clients include Bloomberg and New York Times.

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Transport
Transport - ranked: tier 3

Gornitzky & Co.

Gornitzky & Co. provides a host of commercial and regulatory advice to clients in the public transportation sector. In particular, the team advises Dan Public Transportation Company on all of its day-to-day operational matters, including public tenders, regulatory concerns, and commercial contracts and joint ventures. Additionally, the team advises Pandan Advanced Transportation on the execution of long-term service agreements, the importation of buses and other commercial agreements. Key figures in the team include Kfir Yadgar and Yiftah Farber.

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Legal Developments by:
Gornitzky & Co.

  • Taking a foreign company public in Israel has its unique challenges

    Any Initial Public Offering (IPO) can be challenging. In order to be successful, the IPO process requires organization, leadership, teamwork among the various players (the company, lawyers, accountants, underwriters etc.), hard work and creative thinking. When it comes to an IPO in Israel by a non-Israeli company, the importance of all of the above becomes acute. Understanding the unique challenges of floating a non-Israeli company in Israel can help ensure a more efficient process.
    - Gornitzky & Co

Legal Developments in Israel

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  • Spring is coming for real estate registration in Israel

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  • Crash Course on Non-Disclosure Agreements

    Non-disclosure agreements are a crucial, but often overlooked, tool in allowing startup companies to grow, build strategic partnerships and explore new business relationships necessary to develop their product or bring it to market. These agreements are often short (sometimes only a page or two) and lead many founders to forego legal advice to get past this "formality" and begin working with the other party to the NDA. Yet, NDAs are important agreements with potentially far-reaching implications for the protection of a company's confidential information and intellectual property, and mishandling of NDAs can come back to haunt a startup years later.
  • Advocates Eli Greenbaum and Ezra Gross of Yigal Arnon & Co. in The Lawyer Special Report editorial

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  • Article in MEA Markets on GDPR & Israeli Law

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