Erdinast, Ben Nathan, Toledano & Co > Tel Aviv, Israel > Firm Profile

Erdinast, Ben Nathan, Toledano & Co
TEL AVIV 6423806

Israel > Commercial, corporate and M&A Tier 1

Operating across a wide range of industry sectors, including hi-tech, private equity, and financial services, Erdinast, Ben Nathan, Toledano & Co‘s team of experts continues to navigate high-value M&A transactions on behalf of a litany of high-calibre international and domestic clients. Practice co-head Doni Toledano is noted for handling cross-border M&A transactions and debt and equity acquisition financing, while fellow co-head Roy Caner is a specialist of the hi-tech industry, where he notably assists global technology companies with their acquisition operations. With a focus on highly regulated industries, Lior Oren‘s recent highlights include Wireless Logic Group’s acquisition of Webbing Solutions (USD600m). Shay Dayan and Nitzan Aberbach‘s broad practices span M&A, corporate finance, and PE transactions, while Eyal Wiesel is also recommended.

Practice head(s):

Doni Toledano; Roy Caner


‘The team is extremely professional and knowledgeable. I have worked with Roy Caner’s team on several investment transactions. The team knows the industry very well, provides excellent advice, negotiates well, and maintains a good spirit and teamwork environment. I would recommend this team to anyone.’

‘Overall, I was impressed with the entire EBN team. They tended to be more business-like than I expected, which was great. I was also impressed by their availability.’

‘It has been a pleasure working with Doni Toledano. He helped me think through various concepts of Israeli law that we were not familiar with. He had the experience and legal knowledge that the client was looking for. Furthermore, he always offered practical solutions to complex problems and did a good job of making sure other members of his team did the same.’

‘We have been working with EBN’s M&A team for over 10 years. The team is very professional, helpful, experienced, sophisticated, has solid business understanding and instincts, and manages all of our PE and VC investments. By now they are really our partners; we can consult them early in the process and also for post-acquisition issues, which are sometimes sensitive.’

‘Lior Oren is an excellent lawyer who works with all the partners in the fund, has exceptional interpersonal skills, a sharp legal mind, and is pragmatic but knows when to insist and hold the line firmly. He is highly respected by his colleagues in other firms and is very knowledgeable about all aspects of mergers and acquisitions and related matters, handling both local and foreign transactions for both private and public companies.’

‘Eyal Wiesel has become a trusted advisor to the fund. He has turned into a leader of the firm, is an experienced M&A and commercial lawyer, knows the business and the market very well, and is pragmatic and wise. Working with Eyal is a pleasure, and we know we are in good hands.’

‘Eyal Wiesel often works with Lior Oren on the same deals and their teamwork is great. In recent years, Eyal has grown professionally and is now able to conduct transactions on his own, and we hire him for this purpose.’

‘Roy Caner has always been exceptional and to the point, with deep legal and business understanding, managing to resolve conflicts and last minute issues in any transaction. He is extremely dedicated, responsive and available.’

Key clients

Hellman & Friedman LLC

Tene Investment Funds

Mizrahi Tefahot Bank Ltd.

Partner Communications Company Ltd.

Mobileye Vision Technologies Ltd.


Apax Partners, L.P.

Carasso Motors Ltd.

D&A2, Ltd.

Nisko Group

1-800 Contacts, Inc.

AEA Investors LP


Maxbet Entertainment

Utimaco TS GmbH

LeddarTech Inc.

The Livnat Group and Taavura Holdings Ltd. and Carmen Assets Management (1997) Ltd.

Poalim Equity Ltd.

Surgical Science Sweden AB

XIO Group

AMI Opportunities Fund

Egged Transportation

Arbe Robotics Ltd

Gesher I Acquisition Corp.

Questar Auto Technologies

Guesty Inc.

Space Communication Ltd.

Uniphore Technologies Inc.

Datadog Inc.

SafeRide Technologies Ltd.

Work highlights

  • Acted as Israeli counsel for Apollo Global Management and Yahoo in relation to the latter’s long-term commercial agreement with Nasdaq-listed Taboola Ltd., an agreement expected to yield approximately USD30bn.
  • Acted for Isracard in the privatisation and acquisition by Harel Bituach, a publicly traded company on the Tel Aviv Stock Exchange, via a reverse triangular merger, and the transaction value is estimated at NIS3bn.
  • Represented 365Scores Ltd., an Israeli private company, in the acquisition of its share capital by Entain Plc., the UK-based world’s largest sports-betting and gaming groups.

Dispute resolution > Dispute resolution: class actions (including derivative actions) Tier 1

Satisfied clients of Erdinast, Ben Nathan, Toledano & Co assert that it ‘excels at all types of litigation, at every level, and in any commercial field’. Equipped to handle large-scale class action cases across all industry segments, the team also stands out for its representation of plaintiffs as well as defendants. Head of the firm Giora Erdinast is a go-to litigator and continues to lead major cases, including representing Nesher – Israel Cement Enterprises in a motion to certify an antitrust class action. Other seasoned specialists include Ran Sprinzak, who possesses an enviable record in precedent-setting matters; Tomer Weissman, who is a popular choice for international corporations; and Hadas Bekel, who ‘fights vigorously for her clients’.

Practice head(s):

Giora Erdinast; Ran Sprinzak; Tomer Weissman; Hadas Bekel

Other key lawyers:

Arik Brenneisen


‘A very professional, pleasant and available team. Lawyers are creative, smart and pleasant.’

‘EBN’s litigation and class action team is phenomenal. It excels at all types of litigation, at every level, and in any commercial field. It has a highly intelligent and experienced team who work very efficiently, respond quickly, and have remarkable insight.’

‘Giora Erdinast is one of the best leading civil litigators in Israel. He is tough and charismatic in court and well respected by judges of every instance. We have a long-established professional relationship that spreads over 12 years and he is one of my first choices for any complicated legal issues I encounter.’

‘Hadas Bekel is a great litigator. She is extremely diligent lawyer who fights vigorously for her clients. Recently a team led by her successfully settled a high-profile and sensitive class action involving complex issues.’

‘Ran Sprinzak and his team present a combination of diverse, impressive skills. The firm’s special expertise in the finance sector and the class actions field makes it ideal for handling our largest and most complex class actions. Every member of the team combines strong intelligence, legal knowledge and responsiveness.’

‘Ran Sprinzak is extremely intelligent, eloquent and has a deep understanding of law. His skills as a lawyer are among the best I have ever encountered; I would be glad to recommend him to any of my colleagues.’

Key clients

The majority holders of the Tamar natural gas reservoir (Isramco, Tamar Petroleum, Dor Gas and Everest)

Goldman Sachs

PwC Israel


Bezeq the Israeli Telecommunication Corp

Yes TV and Communications Services

Partner Communications

The Israel Electric Corporation

Former Directors and Officers of IDB and of Discount Investment Corporation



Elna Co.

Medtronic Trading Inc. and Medtronic

Taavura Holdings

Rami Levy Chain Stores Hashikma Marketing 2006

Israel Aerospace Industries

Africa Israel Investments and its directors

Opko Health; Opko Biologics

Nesher – Israel Cement Enterprises

SANO Bruno’s Enterprises

Egged Taavura

Aura Israel – Entrepreneurship and Investments

Kardan Israel

Extra Holdings and Mr. Moti Ben Moshe

Yelin Lapidot Holdings Management

Halman Aldubi Provident and Pension Funds

Financial Justice Association

Apex Issuances

Nisko Industries (1992) and its parent company – Nisko Holdings (1982)

The Israeli Consumer Council

The Directors and officers of Brookland Upreal

Rushdi Food Industries

Shahal Medical Services

Metro Motor Marketing (1981)


Blue Square Estate

Afcon EV

Menora Mivtachim Underwriters & Management

Discount Capital Underwriting

IBI Underwriting

Cibus Sodexo

The College of Management Academic Studies

Work highlights

  • Represented Goldman Sachs Group in a class action suit alleging that entities from Goldman Sachs Group took part in an international cartel in the foreign currency markets.
  • Represented PwC in a NIS320m class action suit regarding the merger of two Israeli oil and gas exploration partnerships; Avner Oil Exploration and Delek Drilling.
  • Obtained a victory in a class action on behalf of five public companies, including one dual-listed company, against whom allegations were made regarding their financial reports.

Dispute resolution > Dispute resolution: local litigation and arbitration Tier 1

The dispute resolution group at Erdinast, Ben Nathan, Toledano & Co is commended by sources for its ‘laser-sharp and uncompromising analysis of cases’. A popular choice to advise on high-stakes disputes, including multi-jurisdictional matters, the group’s industry expertise spans all of Israel’s key economic sectors. The sizeable department is co-led by Giora Erdinast, who is widely acclaimed as ‘one of the best litigators in Israel’; Tomer Weissman, who is dual-qualified in Israel and New York, which marks him as a key contender for cross-border matters; and Ran Sprinzak, who maintains a comprehensive litigation practice encompassing corporate disputes, class actions and administrative petitions, among other areas. Also recommended are Yuval NaimNaama Ehrlich, Efrat Rosner and Almog Gil-Or.

Practice head(s):

Giora Erdinast; Ran Sprinzak; Tomer Weissman

Other key lawyers:

Efrat Rosner; Naama Ehrlich; Yuval Naim; Almog Gil-Or; Arik Brenneisen; Hadas Bekel; John Alkalak


‘EBN litigation lawyers appear before me in various cases and I am always highly impressed with their level of professionalism and detail-oriented approach to every case. They are always well prepared and leave no stone unturned when it comes to legal research and arguments.’

‘Giora Erdinast is one of the best litigators in Israel. The breadth of Giora’s practice is outstanding, and he is a true master in the art of litigation. Ran Sprinzak is a brilliant and impressive litigator: extremely smart and persuasive with a very profound understanding of both the law and of the cases he handles.’

‘Tomer Weissman is convincing because of his integrity, attention to detail and flawless legal reasoning. Hadas Bekel is an excellent litigator and one of the most experienced class action lawyers in Israel. Naama Ehrlich is a rising star in the litigation field in Israel. She has a brilliant legal mind and is very detail-oriented.’

‘The EBN team is very good when it comes to dealing with complex litigation, due to its very sharp and intelligent lawyers with good business acumen. The team really understands client needs. We have had exposure to other Israeli law firms in the past and the co-operation was not as smooth as with EBN.’

‘I would like to specifically make note of Tomer Weissman, who is a very good attorney. Sharp and intelligent. John Alkalak is one of lead associates on the team who stands out and is therefore worth appreciating.’

‘A highly skilled, focused and determined team providing laser-sharp and uncompromising analysis of cases and with bold, creative and strikingly relevant solution proposals. While also providing warm and friendly collaboration. ’

‘Giora Erdinast, Yuval Naim and Tomer Weissman define excellence. Their respective backgrounds and diversified experience makes them acutely understanding of the multiple challenges faced by their clients. They ACTUALLY listen to you and shape their recommendations around your needs.’

‘Yuval Naim is very professional. His knowledge and expertise are phenomenal. I really like the way he handles lawyers that have “lost “ their integrity. He never gives up on items that he believes in, and he is always looking for new ways to achieve our goals, He is truly a justice warrior.’

Key clients

Joint Stock Company Commercial Bank PrivatBank



NSO Group Technologies

Q Cyber Technologies

The Leona M. and Harry B. Helmsley Charitable Trust

Edmond de Rothschild Group

The majority holders of the Tamar natural gas reservoir (Isramco, Tamar Petroleum, Dor Gas and Everest)

Seagate Technology

Israel Aerospace Industries

Agence France-Presse,‏ AFP

NICE Systems

Allied Group

Bank Hapoalim

Bank Mizrahi Tefahot

Bezeq the Israeli Telecommunication Corp

Directors and officers of the Better Place Group, including the CEO of Better Place Israel

Israeli Electric Corporation

Nesher – Israel Cement Enterprises

UVDA; Keshet Broadcasting

Mr. Haim Gavrieli and Bright Food Group

Moti Ben Moshe – the former controlling shareholder of IDB Development; controlling shareholder of Alon-Blue Square

Michael Mirilashvili

Mr. Micha Levi

Leumi Partners, the Tene Investments Funds and Kibbutz Hanita

Klirmark Capital

Derech Eretz Highways Management Corporation

Mr. Ron Itzhaki

Sabre Corporation

Tene Investments Funds

Apax Partners

EdF Renewables Israel

Electra Infrastructure

Shikun & Binui

HarTech Technologies

Work highlights

  • Representing PrivatBank in a $600m lawsuit filed in Israel against its former owners, their supporters and Israeli Discount Bank.
  • Representing two officers of Klirmark Capital, which was a shareholder of Ortam Sahar, in a claim concerning the collapse of the company in 2016.
  • Representing the investment banking group, Edmond de Rothschild, in a dispute with a former client, regarding the loss of $26m in an investment that was allegedly solicited by a former employee of Rothschild.

Israel > Employment Tier 1

Erdinast, Ben Nathan, Toledano & Co regularly assists with the employment aspects of major M&A deals, as well as a raft of other employment issues, including senior executive conduct investigations and trade union negotiations. The firm also excels in employment litigation work, handling complex class action disputes. The team is led by Miriam Kleinberger-Attar, a trade secrets and non-competition expert with experience in regulatory compliance matters. Further key names within the practice include ‘exceptional attorney’ Noa Bar-Shir, who works on a range of non-contentious employment issues, including bullying and harassment investigations and contractual renegotiations, and cross-border transactions specialist Eyal Birenberg.

Practice head(s):

Miriam Kleinberger-Attar

Other key lawyers:


‘When dealing with a long-standing client, the firm is especially conscious of avoiding the pitfalls of complacency. The team is willing to innovate and reconsider while delivering a consistently high-quality service.’

‘Commercially-sound, principled and timely advice from partners and associates alike.’

‘Noa Bar Shir is an exceptional attorney in terms of professionalism, service, understanding, drafting skills and appearance in court.’

‘Noa Bar Shir has extensive knowledge of labour law in general and collective bargaining law in particular. She is very sharp, and professional, masters jurisprudence and also understands labour relations.’

‘Miriam is leading her team in a unique way that combines extraordinary knowledge and a helpful approach. They are wonderful partners and I trust them to always break the boundaries and think in a creative way.’

‘Miriam is a great strategic partner and provides excellent service.’

‘Very professional, very polite, very dedicated.’

Key clients

Psagot Group of Finances and Investments

Enlight Renewable Energy Ltd.

Sagi Yogev

D.S Raider Ltd.

AstraZeneca (Israel) Ltd.

Unilever Israel Group

Ben Gurion University

The Board of Public Academic Colleges

Softweave Ltd.

365Scores Ltd.

Direct-Insurance (I.D.I. Insurance Company Ltd.)

Wonder Jewel Ltd.


Israel Electric Corporate

Yelin Lapidot Mutual Funds Management Ltd.

Mey Eden Ltd.

Baha’i World Centre

Chemipal Ltd.

Keshet Prima Israel Ltd.

Griiip Ltd.

Verbit Software Ltd.

Howazit Ltd.

Supplant Ltd.

Blue White Robotics Ltd.

Mizrahi-Tefahot Bank

Gazit Globe Ltd. (G City)

Aviem Systems Ltd.

Waterfall Security Solution Ltd.

Shikun & Binui Ltd.

D.B.S. Satellite Services (1998) Ltd.

Abraham Hostels Ltd.

Israel Cattle Breeders Association

Galil Software and Technology Services Ltd.

Uvda I.D. Ltd.

Kaymera Technologies Ltd.

College of Management Studies

Afeka College of Engineering

Rubinstein Mansions


Alon Blue Square Ltd.

Blue Square Real Estate Ltd.

DataRails Ltd.

Anecdotes A.I Ltd.

Rotem Shani Entrepreneurship and Investments Ltd.

TLV Fashion Mall

The Company for Management of Square House -Hadar (2001) Ltd.

Ofer Bloch

Recolabs Ltd.

Moonee Publishing Ltd.

Cycode Ltd.

Cloudshare Ltd.

Eco-Nergy Renewable Energy Ltd.

Komodor Automation Ltd.

PFP Investments Ltd.

C2A-Sec Ltd.

Urogen Pharma Ltd.

The Union of Practical Engineers, Technicians and Engineers at the Israeli Airports Authority


Omri Adler & Golden Seeds

Datagen Technologies Ltd.

MED 1 I.C.-1 (1999) Ltd

Arbe Robotics Ltd.

Fortellix Ltd.

Uniphore Technologies Inc.

The Aguda

Million Lobby


Work highlights

  • Acted for Isracard Ltd. on the employment aspects of its acquisition by Harel Insurance Services and Financial Investments Ltd.
  • Represented the Board of Public Academic Colleges, which negotiates in the name of 23 Public Academic Colleges, in a case filed by the union representing the academic staff concerning the entitlement of thousands of junior lecturers to an annual leave.
  • Advised on the appeal by two former company employees against a decision to deny a motion to certify a class action against Direct Insurance (IDI Insurance Company Ltd.).

Israel > Energy Tier 1

According to satisfied sources, Erdinast, Ben Nathan, Toledano & Co is a ‘one-stop-shop in the energy field’, with its experience across the full range of construction, financing and regulatory matters drawing praise. Uri Mandel leads the overarching energy, infrastructure and project finance department and is recommended for his record in representing lenders and borrowers on energy-related financings. Yaron Cohen spearheads the tenders and project development practice and acts for a broad roster of construction and energy companies on energy projects. Other recommended names include recently promoted partner Noam Koren Zimran, who fronts the energy team, and senior associate Oren Tal.

Practice head(s):

Uri Mandel; Yaron Cohen

Other key lawyers:


‘We value the team for its professionalism, availability, efficiency and commercial knowledge of the industry. We worked with Uri Mandel and Oren Tal, who demonstrated great professionalism and personal attention.’

‘The team is highly professional and creative. The team always responds quickly and helps promote transactions effectively. Very experienced in the energy sector and has been consulting us in a number of transactions. Were also very flexible with respect to fee arrangements between us.’

‘Yaron Cohen is very smart creative and efficient. A real problem solver and it has been a true pleasure working with him.’

‘EBN has an extremely strong energy team. It is very professional, experienced, highly skilled and helpful. The firm is a one-stop-shop in the energy field, covering all related practices, e.g. financing, construction, planning & zoning, regulation etc.’

‘Yaron Cohen is very skilful in the EPC and O&M fields. Clever, experienced, a hard worker and extremely available. Uri Mandel is among the best lawyers in Israel in project finance: bright, experienced and reputable among lenders and colleagues — and heads EBN’s great energy team with leadership and sensitivity.’

‘I think the key strength from the firm’s side is their ability to work quickly, together and get deals closed. Yaron Cohen is one of the great lawyers that actually look to get you a done deal, but at the same time he will fight till the end for everything that is a risk for you.’

‘I worked mainly with Noam Koren Zimran. We value his ability to learn fast new complicated issues. He is professional and experienced in the field of energy.’

‘The team has a great combination of strong legal knowledge and skills, and extensive experience and commercial/technical understanding and background — very important in energy and infrastructure, where long-term projects and relationships require a varied approach to complex situations.’

Key clients


Acciona Agua

Afcon Construction

Afcon Holdings

Allied Infrastructure

Ormat Technologies I

Alon Blue Square Israel

Bank Hapoalim

Bikurei Hama Energy Fields Limited Partnership

Blink Charging

C-Nergia 2020

Edeltech Group

EDF Renewable Energies Israel

Electra Greentech


El-Mor Electric Installations & Services (1986)

InfraRed Capital Partners

Israel Natural Gas Lines

Meshek Energy – Renewable Energies

Mizrahi Tefahot Bank

Noga – Israel Independent System Operator

Phoenix Insurance Company

PSP Investments

Ramat Hovav Power Plant Limited Partnership

East Hagit Power Plant Limited Partnership

Shikun & Binui



Yevuley Shemesh

Work highlights

  • Advising Mizrahi Tefahot Bank and Phoenix Insurance Company on the financing for the acquisition, refinancing and rehabilitation of the Ashdod Seawater Desalination Facility, as well as for the construction and operation of an adjacent gas-fired power plant.
  • Advising Israel Natural Gas Lines (INGL) on various matters, including on negotiations with gas suppliers regarding gas transmission and exportation to Egypt and Jordan, as well as to domestic consumers.
  • Acting for Bank Hapoalim in a finance transaction with Rimon Energy to develop, build and operate three electricity generation facilities at industrial factories.

Israel > Planning and zoning Tier 1

According to sources, Erdinast, Ben Nathan, Toledano & Coacts as a partner to clients, not only a legal adviser’. The team supports entrepreneurs and corporations across the full range of planning and zoning issues, from the promotion of national master plans, through to complex administrative law matters and criminal proceedings. Sector specialist Haim Waintrob maintains a comprehensive planning and zoning practice, which spans the residential, commercial, energy, and infrastructure segments, among others. Ronen Yardeni is also a high-profile figure in the market and brings to bear significant experience in Tama 38 projects.

Practice head(s):

Haim Waintrob; Ronen Yardeni


‘The team acts as a partner to clients, not only a legal adviser, it is caring, knowledgeable, skilled and responsive. The team is includes several outstanding partners and great associates.’

‘Ronen Yardeni is a specialist in the field and a great litigator. Erez Kaminitz is clever, understands the law and the practice.’

Key clients

Shikun & Binui Real Estate Development

Shikun & Binui Renewable Energy

EDF-EN Israel

Joint Venture of Shikun & Binui and The Meshulam Levinstein Group

Rotem Shani

H2ID Water desalination

Ewave real estate

Zilbermintz and Son

Yuvalim Group Projects

Blue Square Real Estate

The Israel Land Development Company (ILDC)

Shikun & Binui

Rubinstein Avraham & Co. Building Co.

Aluel – Construction Company

Dizengoff Center

Israel Levy – Real Estate Developer

Kardan Real Estate

Allied Real Estate

Oranim Projects


Representation of landowners in the most prestigious and highly valued lands in Israel

Shapir Engineering & Manufacturing

Reality Investments

Metropolis (P.A.E) 2011 Urban Enterprises

Boaz Gil Entrepreneurship

Work highlights

  • Acting for Oranim in many large-scale projects, including a residential-commercial project in Ramat Hasharon, and a senior citizens housing project in Rishon LeZion.
  • Acting for Yochananof in an objection to the national plan 101A – Metro line M1S.
  • Acting for Shikun & Binui Renewable Energy on all aspects of planning & zoning regarding large-scale renewable energy projects, including solar projects, in Be’er Yaacov and Dimona.

Israel > Real estate and construction Tier 1

Lauded as ‘a team of deal-makers’, Erdinast, Ben Nathan, Toledano & Co shines across all key areas of real estate law. Alongside its dominant construction practice, where it is notably representing trophy client Shikun & Binui on a raft of large-scale projects, it also shines in planning and zoning, urban renewal, and real estate transactions, among other areas. High-profile sector specialist Dor Shachamserves as an asset in any deal’; he co-heads the department together with planning and zoning expert Haim Waintrob, and Itay Chelouche, who is noted for urban renewal work. Other key names include Ronen YardeniMiriam Donin-Shoob and up-and-coming partner Karin Bresler.

Practice head(s):

Dor Shacham; Haim Waintrob; Itay Chelouche

Other key lawyers:


‘The team is very professional and well-versed in the satellites of Israeli law. Moreover and more importantly they are a team of deal-makers, where many other lawyers are most of the time deal-breakers.’

‘Dor Shacham is a leader and a good mentor to the team and serves as an asset in any deal.’

‘We value the team for its personal touch and its relentless attitude in order to structure a deal for the client. Dor Shacham, and his team, will fight the client’s fights like its their own.’

‘Alon Titelboum is very hard-working. He is always available and driven. I usually receive what I ask for very quickly, and with good service.’

‘We have worked for years with Dor Shacham and Karin Bresler. The team is very, very professional in a board range of real-estate transactions and financing, very accurate and responsible, with vast knowledge and experience and a unique ability to focus on the substantial factors of each situation.’

‘Itay Chelouche is a genius lawyer, hard-worker and always thinks ahead.’

‘The team is very motivated and I feel it is part of our company, meaning lawyers are very professional, dedicated and loyal. We consult with all areas (HR, real estate, general, M&A and more). Very trusted and dedicated lawyers, who do not compromise with things that can risk our business.’

‘Lawyers are very thorough in order to protect us in every transaction. Alon Titelboum is very independent. After some rounds of discussions with the other side, he met me to go through the commercial issues affecting my decisions, and that way he kept going with the other side until we had a draft to sign.’

Key clients

Shikun & Binui Real Estate + Shikun & Binui Renewable Energy

Kardan Real Estate

Kardan Israel

The Meshulam Levinstein Group

Rubinstein Avraham & Co. Building Co.

Metropolis (P.A.E) 2011 Urban Enterprises

Rotem Shani

Oranim Projects

Shafir Engineering & Manufacturing

Beita Real Estate

Taavura Group

Blue Square Real Estate

Zim Group

EDF-EN Israel

Samelet (Vehicle importer of Ferrari, Alpha Romeo, Fiat and Jeep)

Sufrin Group

Leonardo Group

Henko Group

Netanel Group

The Israel Land Development Company


Reality Investments

Zilbermintz and Son

Weisberg Group

Mor Investment House


Allied infrastructures

Work highlights

  • Represented Kardan Israel, together with Geva Real Estate, in the purchase of land to set up a logistics centre, with an estimated investment of approximately NIS800m.
  • Represented Rotem Shani on the purchase of 50% of the Savyon project in Beit Shemesh, for the construction of 547 residential units, valued at NIS1bn.
  • Acted for Shikun & Binui Real Estate on the construction of 20 residential towers, comprising 2,000 units, in the city of Netanya, with an estimated value of more than NIS6bn.

Israel > Restructuring and insolvency Tier 1

The ‘highly professional and service-oriented’ team at Erdinast, Ben Nathan, Toledano & Co maintains a robust restructuring and insolvency practice, with demonstrable experience advising on bondholder mandates concerning distressed companies. ‘Extremely smart, hardworking, and tenacious negotiatorsAlon Binyamini and Raanan Kalir jointly lead the team; Binyamini focuses on creditors’ arrangements and insolvency mandates, in addition to directors’ and officers’ liability issues, while Kalir is routinely appointed by courts, serving as special manager, liquidator receiver or trustee. Other key contacts in the group include associates Tomer Shaked and Yarden Rosenbush.

Practice head(s):

Alon Binyamini; Raanan Kalir

Other key lawyers:


‘Highly professional and service-oriented.’

‘Super smart, creative and detailed-oriented.’

‘Raanan Kalir and Alon Binyamini are a great team, work extremely hard and are very effective in achieving results for their clients.’

‘Raanan Kalir and Alon Binyamini are extremely smart, hardworking and tenacious negotiators, and very effective in achieving positive results for their clients.’

Key clients

Holders of Delek Debentures

Holders of Israel Petrochemical Enterprises Debentures (TASE: PTCH)

bondholders of Hertz Properties Group Limited

Holders of IDB Development Ltd. Debentures

Alon Blue Square (TASE: BSI)

Holders of Altitude Debentures

Gibui Holdings Ltd (TASE: Gibui)

Extra Development and Entrepreneurship

Directors of Brookland Upreal Limited

The creditors of the “Malrag” company through Adv. Raanan Kalir as a position appointed to the Company

NSO Group Technologies

Holders of Arazim Investments Ltd. Debentures

“Excellence” Investment House (subsidiary of Phoenix)

Series M bondholders of Sunny Cellular Communications Inc.

Apex Issuances Ltd.

I G Investech Technologies Ltd.

Liquidator of BSR Europe Ltd.

Matis Capital Ltd.

Bondholders of Tao Yields Ltd.

Or Yehuda College

Ariz Marking and Packing Solutions Ltd.

More Investment House Ltd.

Bull Trading and Investment Ltd. (TASE: BULL)

Work highlights

  • Representing NSO Group Technologies in its debt restructuring.
  • Represented the bondholders of 4 different series of Israel Petrochemical Enterprises with a total debt of approximately NIS1.5bn.
  • Acted as trustee for Gibui Holdings Ltd., a public company engaged in providing non-bank credit, after it collapsed.

Israel > Telecoms and media Tier 1

Erdinast, Ben Nathan, Toledano & Co’s full-service telecoms and media practice fields specialists in all key areas of work, from regulatory issues through to commercial and contentious matters. The team’s exhaustive coverage of the sector is reflected in its broad client roster that includes telecoms giants such as Bezeq and Partner, as well as television providers such as Yes and Keshet Broadcasting. The group is led jointly by Hadas Bekel, who has a focus on regulatory law and litigation; and commercial specialist Shay Dayan. Privacy and data protection head Lior Etgar and litigator Almog Gil-Or are also key contacts.

Practice head(s):

Shay Dayan; Hadas Bekel


‘The EBN team is extremely knowledgeable up-to-date and sophisticated. When the going gets tough, I turn to the team since I know its lawyers will have the answer.’

‘Ran Sprinzak and Tomer Weissman are probably two of the best litigation lawyers in Israel: smart, experienced and able to give 360 solutions.’

Key clients

Yes TV and Communications Services

Partner Communications Company

Bezeq the Israel Telecommunication Corp (Bezeq)

Keshet Broadcasting

Bezeq International

Space Communications

ZIRA (copyrights in the internet)

Israel Electrical Company

Channel 13

Uvda A.D

Shaul Zioni

Cellcom Israel

Warner Music Group

Getty Images

North Road Productions

Work highlights

  • Advising telecoms provider, Yes, on a range of matters, including on two class actions alleging price discrimination between customers.
  • Representing Partner Communications and Bezeq in class actions alleging the violation of their obligation to make the documents submitted through the Securities Authority’s Internet system accessible to people with disabilities.
  • Acting for the Livnat family and Med-1 on the bid process and eventual sale of 49% of the share capital of Med 1 to US-based Berkshire Partners.

Israel > Banking and finance Tier 2

With a focus on the real estate and energy sectors, Erdinast, Ben Nathan, Toledano & Co is noted for the team’s expertise in handling high-value cross-border M&A transactions and financing projects on behalf of several Israeli institutional investors. Practice co-head Dan Sella is the key contact, while fellow co-head Roy Gross is an expert in corporate and real estate financing work. The team also routinely handles debt and equity financing transactions, an area in which Doni Toledano, who jointly leads the practice with Sella and Gross, is particularly well versed. With extensive experience in the field, Dalia Tal is also highly recommended.

Practice head(s):

Doni Toledano; Dan Sella; Roy Gross

Other key lawyers:

Key clients

Mizrahi-Tefahot Bank Ltd.

The Phoenix Insurance Company Ltd.

Bain Capital Credit, LP

Meitav Dash Insurance Company Ltd.

Menora Mivtachim Insurance Company Ltd.

Israel Theatres / Global Cities Holdings

More Provident and Pension Fund Ltd.

Netafim Ltd.

Ayalon Insurance company Ltd.

Yesodot Fund

Carraso Motors Ltd.

Yelin Lapidot Provident Funds Management Ltd.

Alon Blue Square Group.

NSO Group

Arbel Fund

S. Shlomo Insurance company Ltd.

Work highlights

  • Advised Mizrahi-Tefahot Bank and The Phoenix on the NIS800m financing of the leveraged acquisition of Ashdod Desalination Ltd., by a partnership of Shapir and Generation Capital.
  • Acted for Phoenix, Ayalon Insurance Company, S. Shlomo Insurance company Ltd. and Yesodot fund on dozens of different real estate financings totalling more than NIS3bn for a wide range of real estate and urban renewal projects.
  • Advised Econergy and its subsidiaries on two separate transactions, obtaining financing for building and operating renewable energy projects conducted by the company in Europe, amounting to a total of about €350m.

Israel > Capital markets Tier 2

With a successful track record in handling complex capital market transactions ranging from IPOs and bond issuances to securities offerings and mergers, Erdinast, Ben Nathan, Toledano & Co is regularly engaged by large Israeli companies listed on the TASE. Practice head Moty Yamin is a key contact, while recently promoted partner Meni Kogan‘s recent highlights span capital and bond issuances and regulatory and corporate matters. With extensive regulatory experience, Yonatan Haimi Erenreich is also recommended.

Practice head(s):

Moty Yamin

Other key lawyers:


‘The team is very professional and has strong business acumen.’

‘Moty Yamin is very responsive and really promotes our business interests.’

‘Dedication, great experience and knowledge.’

‘Erdinast has an excellent capital markets practice, renowned for its excellence in providing expert legal services to clients navigating the complexities of capital markets.’

‘Moty Yamin and Meni Kogan bring extensive experience, with a successful track record in handling intricate capital market transactions, including IPOs, securities offerings and mergers.’

Key clients

Alon Blue Square Israel Ltd.

Blue Square Real Estate Ltd.

Econergy Renewable Energy Ltd.

Prime energy P.E Ltd

Maman-Cargo Terminals & Handling Ltd.

Rami Levi Chain Stores Hashikma Marketing (2006) Ltd.

M.Yochananof and sons (1988) Ltd.

Hive 2040 R&D Limited Partnership

El Al Israel Airlines

Partner Communications Company Ltd

The Phoenix Holdings Ltd.

Clal Insurance Enterprises Holdings Ltd

Fox Wizel Ltd

WeSure Globaltech Ltd.

EPM group Inc.

Iskoor metals and steels Ltd.

S.Al Group Ltd.

Karamba Security Ltd.

Setpoint Ltd.

Classoos Ltd.

Extra retail Ltd.

Criptonia SPV1 Ltd.

GoTo Global Ltd.

Excellence Investments Ltd.

Halman-Aldubi Investment House Ltd.

3IQ Bitcoin Fund

Pocketful IL Ltd.

Mia Dynamics Motors Ltd

Tierra Properties Ltd.

Reit 1 Ltd

Isracard Ltd

Ayalon Insurance Company Ltd.

Solegreen Ltd.

Electreon Wireless Ltd.

Bezeq the Israel Telecommunication Corp Ltd.

Canzon Israel Ltd.

Kamada Ltd.

Apollo Fund & Yahoo

DoorDash Inc.

Work highlights

  • Advised Alon Blue Square Israel on a bond issuance on TASE, with a total value of appx. NIS1bn.
  • Advised M. Yochananof & Sons (1988) Ltd. on a secondary public offering of shares and bonds with a total value of appx. NIS204m, following on from a series of other offerings.
  • Advised Electreon Wireless Ltd. on two rounds of private offerings of shares and options with a total value of appx. NIS130m.

Israel > Competition/antitrust Tier 2

A deep roster of clients, notably from the automotive, healthcare, and food and retail sectors, regularly turn to Erdinast, Ben Nathan, Toledano & Co for its expertise in competition-related disputes, where the team is particularly active in handling domestic and cross-border cartel litigations and class actions. Practice co-head Michal Rothschild is the key contact for advice on mergers, restrictive arrangements, and joint ventures, while fellow co-head and experienced litigator Giora Erdinast focuses her capabilities on antitrust litigation, while also advising on abuse of dominant positions related to monopoly.

Practice head(s):

Michal Rothschild; Giora Erdinast

Other key lawyers:

Arik Brenneisen; Shelly Wechselmann


‘The team is very professional and has a strong business acumen.’

‘Michal Rothschild is very responsive and really promotes our business interests.’

‘EBNT’s antitrust team demonstrates deep knowledge and exceptional expertise in the field of antitrust law. The team consistently demonstrates a deep understanding of complex antitrust issues and client needs, is very responsive and delivers exceptional results.’

‘Michal Rothschild, partner and head of the antitrust department, is an outstanding, competent, and professional antitrust lawyer. Michal has extensive knowledge, strategic insights, and a deep understanding of client needs, and consistently provides valuable advice.’

Key clients

Yahoo Inc.

Isracard Ltd.

D.B.S. Satellite Services (1998) Ltd. (“yes”)

Apax Partners

Avraham Livnat Ltd.



Tene Investment Fund (“Tene”)

Nesher Israel Cement Enterprises Ltd.

Israel Aerospace Industries (IAI)

David Shield Group

Maman Cargo Terminals & Handling Ltd.

Afcon Electric Transportation Ltd.

T&M Protection Resources Holdings Israel



Elna Co. Ltd.

Electra Ltd.

Alon Blue Square Ltd.

Extra Retail Group Ltd.

Blue Square Real Estate Ltd.

Taavura Tifzoret Ltd.


ELTA Systems Ltd.

ICBA – Israeli Cattle Breeders Association

Metro Motor Marketing (1981) Ltd.

Fortissimo Capital

UTI – Universal Trucks Israel LTD.

Qualcomm (NASDAQ: QCOM)

Work highlights

  • Represented Yahoo, the global web services provider, as Israeli counsel in the competition aspects of its entrance into a 30-year, exclusive commercial agreement with competitor, Ltd.
  • Advised Isracard, Israel’s largest credit card company, on the competition aspects of its acquisition by Harel Insurance Investments & Financial Services Ltd., Israel’s largest insurance and finance group. This was the biggest agreement in the financial market for 2022, at approximately NIS 3 billion.
  • Acted for Qualcomm, one of the world’s leading international semiconductor and telecommunications equipment companies, in a class action suit filed against it, alleging that Qualcomm violated antitrust laws, particularly in patent licence markets, while harming competition and consumers.

Dispute resolution > Dispute resolution: mediation and international arbitration Tier 2

Housing ‘an outstanding team with brilliant lawyers’, Erdinast, Ben Nathan, Toledano & Co acts for domestic and international corporations in cross-border disputes, with experience in ICC, LCIA and ad-hoc arbitrations. Founding partner Giora Erdinast leads the team alongside Ran Sprinzak, who handles large-scale commercial arbitrations, Tomer Weissman, who acts as a key contact to the firm’s international client roster, and Yuval Naim, who is praised as ‘an exceptionally skilled, always on point and friendly professional’. Senior associate John Alkalak is another key contact in the group.

Practice head(s):

Giora Erdinast; Ran Sprinzak; Tomer Weissman; Yuval Naim

Other key lawyers:


‘An outstanding team with brilliant lawyers.’

‘Yuval Naim and Ran Sprinzak are hard-working, quick and precise.’

‘The team demonstrates great procedural tactical skills and is aware of the client’s concerns. At the same time, it is highly efficient and cost-sensitive. The cooperation between associates and partners is characterised by good communication and training.’

‘Yuval Naim is an exceptionally skilled, always on point and friendly professional. He has perfected the project management of his work and the work of his team and is always absolutely reliable as a result. His briefs are flawless, convincing and have that certain something. I would not want him on “the other side”.’

‘An extremely strong team.’

‘Combination of very strong capabilities, work ethics and procedures. Extremely diligent and thoughtful.’

Key clients

HAA Extra and its ultimate beneficiary

Leumi Partners Ltd., the Tene Investments Funds and Kibbutz Hanita

Mediterranean Car Agency

Work highlights

  • Acting for an international investor in a $1.2bn dispute with his former partners, in international arbitration proceedings in London and Cyprus.
  • Represented a global retail supplier in a multi-million dollar ICC arbitration.
  • Representing the owner of a hydro-electric power plant in a multi-million dollar dispute against its operator in an ICC arbitration.

Israel > Hi-tech and start-ups Tier 2

Erdinast, Ben Nathan, Toledano & Co represents a diverse roster of hi-tech start-ups, entrepreneurs and major multinational companies in investment rounds, M&A and day-to-day matters — the team is also well-versed in acting for investors. Hi-tech head Roy Caner is widely regarded as a go-to name for domestic and cross-border transactions in the hi-tech sphere. The group also includes Viva Gayer, who handles a wide scope of corporate and commercial issues on behalf of start-up companies; and Shay Dayan, who contributes extensive experience in M&A and corporate transactions.

Practice head(s):

Roy Caner; Viva Gayer

Other key lawyers:

Shay Dayan; Jonathan Achiron; Yael Benyayer; Oded Natan


‘Viva Gayer has supported our start-up from our very first days. She is well-versed in the start-ups field, in the types of agreements and knows how to prevent problems before they arise.’

‘Viva  Gayer is a first class professional, she addresses all questions and concerns, and she always solves them.’

‘The team is excellent, with excellent professionals.’

Key clients

Mobileye Vision Technologies

1-800 Contacts



Kaymera Technologies

Amiti Ventures

S2G Ventures, Tyson Foods, Emerald Technology Ventures and Archer Daniels Midland

Arbe Robotics

Mazor Robotics

Motorola Solutions

Israeli Aerospace Industry

More Investment House

Altshuler Shaham


TLV Partners

Viola Ventures

Emerge Fund



IBI Tech Fund

Vertex Venture Capital

Hetz Ventures



Red Dot Capital

Surgical Science

DebioPharm Innovation Fund




Blue White Robotics

Datagen Technologies


Hitatchi Ventures

Amiti Ventures and Mizma

Red Dot Capital Partners


Datagen Technologies

Moonee Publishing




Work highlights

  • Representing 365Scores, an Israeli private company, on the acquisition by UK-based Entain of its share capital.
  • Advising Hitachi Ventures on its investment in Weka.IO, as part of a Series D investment round.
  • Representing Foretellix in its Series C financing round.

Israel > Infrastructure Tier 3

Erdinast, Ben Nathan, Toledano & Co scores highly with sources for its ‘strong business acumen’, which marks it as a solid choice to represent private-sector clients on infrastructure-related matters. The practice strikes a balance between lender and borrower-side mandates, with banks, financial institutions, construction groups and energy companies all on the team’s books. Uri Mandel spearheads the energy, infrastructure and project finance department, while Yaron Cohen leads the tenders and project development team. Oren Tal is a talented senior associate.

Practice head(s):

Uri Mandel; Yaron Cohen

Other key lawyers:


‘The team is very professional with strong business acumen.’

‘The individuals are highly responsive and really promote our business interests.’

‘The team is highly professional and available. Lawyers are reliable and are able to suggest complex and simple solutions.’

‘There is good communication, which helps to prioritize the various tasks and to find solutions even for topics where the team is less familiar/strong. The practice has built its abilities to provide a one-stop-shop related to the activities of the company I manage.’

‘I have a close working relationship with the partner who leads the team, Uri Mandel, who makes an effort to provide proper service in every matter for our company, in as short a time as possible.’

Key clients

Acciona Agua

Afcon Construction

Afcon Holdings

Allied Infrastructure

Alon Blue Square Israel

Bank Hapoalim

Edeltech Group


Harel Insurance Company

Migdal Insurance Company

InfraRed Capital Partners


Mizrahi Tefahot Bank

Phoenix Insurance Company

PSP Investments

Ramat Hovav Power Plant Limited Partnership (a single purpose entity held by Shikun & Binui and Edeltech)

East Hagit Power Plant Limited Partnership (a single purpose entity held by Shikun & Binui and Edeltech)

Shikun & Binui

Synergy C.P Capital Partners.

Denya Cebus

Work highlights

  • Representing Mizrahi Tefahot Bank and Phoenix Insurance Company, as lenders, on a $800m project finance transaction with Shapir Engineering and Generation Capital.
  • Representing Shikun & Binui in a transaction for the sale of its holdings in the concessionaire of a seawater desalination facility in Hadera.
  • Representing Electra, and its subsidiaries, on a project for the design, financing, construction, operation and maintenance of fast lanes to Tel Aviv.

Israel > Tax Tier 3

Erdinast, Ben Nathan, Toledano & Co’s tax team routinely advises national and international clients from the high-tech, real estate, finance and insurance sectors. It is well versed in the tax aspects of M&A, tax planning and structuring, while also handling complex tax litigation before various administrative tribunals and the Israeli courts. Practice head Eran Lempert is particularly active, and Tal Alon notably focuses on the planning and execution of transactions.

Practice head(s):

Eran Lampert

Other key lawyers:

Key clients

Yahoo Inc.


Walmart Inc

Permira Growth

365 scores

Work highlights

  • Represented Yahoo and Apollo in the Israeli and international tax aspects of a joint venture related to a long-term commercial agreement between the two listed companies.
  • Acted for Isracard in the tax aspects of its contemplated privatisation and acquisition by Harel Biutach via a reverse triangular merger.
  • Advised Permira Growth on the tax aspects of its acquisition of shares in BioCatch, the first investment of the Permira Growth fund in an Israeli company.

Israel > Transport Tier 3

According to satisfied clients, Erdinast, Ben Nathan, Toledano & Coknows how to find solutions and be creative’. Distinguished by its transactional prowess, the group specialises in work intersecting the transport and technology spheres, including autonomous vehicles and drones. Finance and M&A head Doni Toledano is the key contact in a multidisciplinary team that also includes Lior Oren, who has a focus on tech-driven transactions.

Practice head(s):

Doni Toledano

Other key lawyers:

Lior Oren; Eyal Wiesel


‘We enjoy working with EBN. Lawyers provide very good service, are fun to work with, always answer the phone and emails, are quick to respond and revert, know our business well and do not try to make it difficult for the other party when not necessary. It knows how to find solutions and be creative.’

‘Lior Oren is the EBN member who coordinates our contact with the firm. He is very senior, but handles certain corporate issues and M&A aspects himself, and manages our legal needs firm-wide. Lior is an outstanding and very experienced lawyer, and it’s a pleasure to work with him and the team.’

‘A very professional team. Lawyers are nice and available.’

Key clients

Mobileye Vision Technologies

Carasso Motors

Egged Ta’avura

Mediterranean Car Agency

Arbe Robotics

Tene Investment Fund



X-Sight Systems

Questar Auto Technologies (Previously Traffilog)

Haifa Municipality

Metropoline – Public Transport

Afcon Electric Transportation

Maman Cargo Terminals

Alon Blue Square

Israel Aerospace Industries

Bank Hapoalim

Egged Shareholders Representative Services

Work highlights

  • Advising Egged Shareholders Representative Services on the sale of a majority stake in Egged to Keystone Fund.
  • Advising Foretellix on its Series Round C financing led by 83North.
  • Advising Carasso Motors on the acquisition of 100% of the share capital of CMD Engineering Equipment Supplies Co.

Erdinast, Ben Nathan, Toledano & Co.  is a premier full-service law firm and one of Israel’s most prominent and fastest growing law firms with over 160 lawyers across multiple practice areas and disciplines.

Our first-class pedigree, international training and hands on experience regularly earns our firm pivotal roles in some of the most complex, pathfinder and high profile transactions and legal proceedings conducted in Israel.

Our firm is consistently ranked as a top tier firm by Chambers Global, Legal 500, IFLR1000, Mergermarket and the Israeli ranking guides, thus recognized as an Israeli “go to firm” for a client roster across the spectrum of many sectors, ranging from multinational corporations and businesses, private and public companies listed on domestic and international stock exchanges, reputable business individuals, Israel’s leading real estate companies, hi-tech companies of all stages of growth, financial institutions, private equity, venture capital and other investment funds, infrastructure and energy companies, telecom and service providers, TV channels and many more.

Our vast knowledge, professionalism and commitment to providing exceptional service to our clients, is not overlooked and have earned us the title of ‘Israel Banking and Finance Law Firm of the Year’, 2021, awarded by IFLR Europe, as well as ‘Israel Law Firm of the Year’, 2017 and also ‘Israel M&A Legal Adviser of the Year’, 2017, by Mergermarket.

Main areas of practice
Commercial Litigation:
The firm has played a central role in legal proceedings in some of the most substantial business disputes in the Israeli economy and has represented prominent local and international parties. The firm’s litigation practice covers a broad range of commercial law fields, including legal disputes relating to corporate control, communications, public tenders, disputes between shareholders, banking, and bankruptcy. The firm has acquired great skill in managing class actions and successfully represents both plaintiffs and defendants.
Heads of department: Adv. Giora Erdinast; Adv. Ran Sprinzak; Adv. Tomer Weissman
Tel: +972 3 777 0100; +972 3 777 0350

Corporate, Mergers and Acquisitions: Ranked in Tier 1 in Legal 500, the firm is involved in complex and cross-border transactions in the local and international markets, including mergers and acquisitions, investment agreements, financing agreements, and entrepreneurship. The firm has taken part in some of the largest and most prominent merger and acquisitions transactions in Israel in recent years.
Head of department: Adv. Doni Toledano
Tel: +972 3 777 0140

Real Estate: Ranked in Tier 1 in Real Estate in Legal 500, we have cemented our national reputation as one of the elite firms in residential, urban renewal and National Outline Plan 38 (TAMA 38), commercial, office towers, hotels, senior housing and other projects that are transforming the Israeli landscape. Our wealth of planning and zoning expertise also obtains the green light for highways, infrastructure and large-scale renewable energy projects. Comprising over 30 lawyers with experience that spans multiple decades, we act for the most active real estate developers and construction companies, associations and purchase groups, landowners and other parties. With an unwavering commitment to excellence, both in advice and service, our seasoned team enjoys a successful track record in complex transactions, purchase/sale contracts and some of the largest projects in Israel. Combining a tailor-made legal strategy for each transaction with our real-world knowledge of real estate law and the Israeli market, we proactively offer our clients an unrivalled and integrated service, advising on construction, senior housing and urban renewal projects, and acting for landowners in combination transactions, co-ownership agreements and the dissolution and management of tenders for the sale of real estate properties.
Head of department: Adv. Dor Shacham
Tel: +972 3 777 0130

Planning and Zoning: Ranked in Tier 1 in Planning and Zoning in Legal 500, we have worked hard to earn our national reputation as one of the elite specialist groups in planning and zoning. Clients benefit from our 360-degree understanding of the planning and zoning processes and how the local authorities work, as we also represent a number of local authorities in planning and construction matters, with particular expertise in betterment levies, development fees and other levies.

As such, we win the confidence of some of Israel’s largest companies and developers in relation to their complex construction plans and transactions, guiding them through the promotion of the plan, site-specific plans, master plans in areas such as housing, offices, and infrastructure (desalination plants, railways, gas facilities) and we also handle the zoning and administrative aspects of projects for gas companies, and much more.
Head of department: Adv. Ronen Yardeni
Tel: +972 3 777 0170

Energy and Infrastructure: Ranked in Tier 1 in Energy, we have acquired a reputation as one of Israel’s leading energy and infrastructure firms. The firm represents entrepreneurs and investors in the fields of energy and infrastructure, providing them legal counsel in all aspects of initiating, planning, establishing and operating projects of various sizes, including power stations, water installations, transportation, tenders, licensing and regulations. The firm has an extensive practice of representing energy consumers, and regularly advises industrial plants, income-generating real estate companies, municipal bodies in the process of purchasing electricity at reduced prices, converting and purchasing natural gas, constructing independent power plants and more.
Head of department: Adv. Nadav Olgan
Tels: +972 3 777 0310

Hi-Tech and Venture Capital: The firm represents private equity funds, corporate funds, investors and start-ups in Israel and abroad, advising them on all relevant matters, including raising capital in Israel and abroad, joint ventures, commercial operations such as licensing, development, production and OEM agreements, as well as exit planning.
Head of department: Adv. Roy Caner
Tel: +972 3 777 0120

Media and communications: The firm regularly advises and represents leading Israeli communications companies, including regarding legal proceedings, regulatory matters, and the acquisition of content and licensing. The firm was involved in legal proceedings in which fundamental issues of competition and regulations in the field of media and communications were discussed, and was very successful in these proceedings.
Heads of department: Adv. Hadas Bekel; Adv. Shay Dayan
Tel: +972 3 777 0310; +972 3 777 0360
Email: ;

Private Clients, Trusts and Estates: Our department supports high-net-worth individuals, families and business owners with crafting their particular wealth management objectives, ensuring succession for future generations. Monitoring current trends and tracking all regulation, we provide sophisticated legal services to Israeli and foreign clients alike in all matters related to the local and overseas management of private and family wealth and assets. Spanning multiple disciplines, we advise on the complementary areas required to effectively manage trusts, including commercial law, real estate law, taxation law, property law, intellectual property law, investments, financing and more.
Head of department: Adv. Shai Pines
Tel: +972 3 777 0150

Regulations and Administrative Law: The firm has extensive experience in representing senior officers, corporations and financial institutions in their contacts with administrative authorities, government companies and administrative tribunals in all matters relating to tenders, licenses, franchises, administrative enforcement, legislative proceedings, government committees and petitions to administrative courts and the Supreme Court.
Heads of department: Adv. Giora Erdinast; Adv. Ran Sprinzak; Adv. Tomer Weissman
Tel: +972 3 777 0100; +972 3 777 0350

Labor Law: The firm has the requisite expertise and professional experience in the field of labor law. The firm offers its clients innovative and fresh thinking, based, inter alia, on the ability to analyze broad trends in the field of labor law, and an expansive view of the legal situation and the full range of client interests. The firm provides close and ongoing supervision and consulting to Israeli and international companies, as well as representation in legal proceedings.
Head of department: Adv. Miriam Kleinberger-Attar
Tel: +972 3 777 0120

Insolvency and Debt Arrangements: The firm has vast knowledge and experience in representing creditors of public and other entities in various insolvency proceedings, of considerable magnitude. The department’s staff is highly skilled in working on large and varied transactions to gain control of public and other companies that have encountered difficulties. The firm’s partners are recognized and appointed by the courts as liquidators, receivers and other offices in insolvency proceedings.
Heads of department: Adv. Raanan Kalir; Adv. Alon Binyamini
Tel: +972 3 777 0300
Email: ;

Capital Markets and Securities: The firm provides legal counsel to a variety of public companies, and regularly handles the submission of prospectuses, requests and reports to the Israel Securities Authority and the Tel Aviv Stock Exchange.
Head of department: Adv. Moty Yamin
Tel: +972 3 777 0150

Banking and Finance: As Israel’s Banking Law Firm of the Year (IFLR Awards), we advise corporations, investors, banks and financial institutions on all aspects of financing transactions in a wide range of sectors and industries. The firm specializes in senior debt loans, consortium arrangements, mezzanine loans, and shareholders’ loans.
Heads of department: Adv. Doni Toledano; Adv. Dan Sella; Adv. Roy Gross
Tel: +972 3 777 0100; +972 3 777 0300; +972 3 777 0350
Email: ;;

East Asia: The firm has extensive experience with Israeli entities operating in China, seeking to expand their business. Within this framework, the firm represents significant world-renowned investors and Chinese companies in locating leading technology and industrial ventures in Israel, also assisting in making acquisitions and Investments in Israeli ventures and businesses.
Head of department: Adv. Lior Oren
Tel: +972 3 777 0320

Privacy and Data Protection, Cyber and IT: The firm further provides advice on aspects of information governance and complex technology applications incorporating data processing, such as SaaS, web and mobile apps, and automation. In addition, the firm maintains significant knowledge of advanced regulatory frameworks such as the GDPR, CCPA and HIPAA and retains unique expertise in the processing of health data.
Head of department: Adv. Lior Etgar
Tel: +972 3 777 0120

Department Name Email Telephone
Corporate, Mergers and Acquisitions Doni Toledano 9723777 0140
Commercial Litigation Giora Erdinast +97237770100
Photo Name Position Profile
Menachem Abramovich photo Adv Menachem Abramovich Partner, Litigation Department
Jonathan Achiron photo Adv Jonathan Achiron Partner, Corporate and M&A Department
Noa Bar photo Adv Noa Bar Partner, Litigation Department
Hadas Bekel photo Adv Hadas Bekel Partner, Litigation Department, Co-Heads the Telecom & Media Department
Adva Benor photo Adv Adva Benor Partner, Real Estate Department
Yael Benyayer photo Adv Yael Benyayer Partner, Corporate and M&A Department
Alon Binyamini photo Adv Alon Binyamini Co-Heads the Insolvency, Receivership and Liquidation Department
Arik Brenneisen photo Adv Arik Brenneisen Partner, Commercial Litigation Department
Karin Bresler photo Adv Karin Bresler Partner, Real Estate, Banking & Finance Departments
Roy Caner photo Adv Roy Caner Co-Heads the Corporate and M&A Department, Heads the Hi-Tech Group
Itay Chelouche photo Adv Itay Chelouche Partner, Real Estate Department
Efrat Cibulski photo Adv Efrat Cibulski Partner, Litigation Department
Yaron Cohen photo Adv Yaron Cohen Partner, Energy and Infrastructure Department
Shay Dayan photo Adv Shay Dayan Partner, Corporate and M&A Department, Co-Heads the Telecoms and Media Department
Miriam Donin-Shoob photo Adv Miriam Donin-Shoob Partner, Real Estate and Planning & Zoning Departments
Naama Ehrlich photo Adv Naama Ehrlich Partner, Litigation Department
Liat Elpaz photo Adv Liat Elpaz Partner, Litigation department
Giora Erdinast photo Adv Giora Erdinast Founding partner, Heads the Litigation Department
Hadas Erenberg photo Adv Hadas Erenberg Partner, Labor Law Department
Nir Friedman photo Adv Nir Friedman Partner, Litigation Department
Yifat Fux photo Adv Yifat Fux Partner, Real Estate, Planning and Zoning, Private Clients, Trusts and Estates Departments
Almog Gil-Or photo Adv Almog Gil-Or Partner, Litigation Department
Roy Gross photo Adv Roy Gross Partner, Corporate and M&A Department, Co-Heads the Banking and Finance Department
Hagar Guri photo Adv Hagar Guri Partner, Securities and Capital Markets Department
Raanan Kalir photo Adv Raanan Kalir Partner, Co-Heads the Insolvency, Receivership and Liquidation Department
Irina (Iris) Kushel photo Adv Irina (Iris) Kushel Partner, Corporate and M&A Department
Gil Levkovitz photo Adv Gil Levkovitz Partner, Litigation Department
Uri Mandel photo Adv Uri Mandel Partner, Energy & Infrastructure Department, Heads the Project Finance Department
Ohad Michael photo Adv Ohad Michael Partner, Corporate and M&A, Banking and Finance, Hi-Tech and Technology Departments
Gabi (Gabriel) Moyal-Maor photo Adv Gabi (Gabriel) Moyal-Maor Partner, Litigation, Arbitration, Mediation and Alternative Dispute Resolution (ADR) Departments
Ram Museri photo Adv Ram Museri Partner, Planning and Zoning, Administrative Law Departments
Yuval Naim photo Adv Yuval Naim Partner, Litigation Department
Nir Nordan photo Adv Nir Nordan Partner, Litigation Department
Lior Oren photo Adv Lior Oren Partner, Corporate and M&A Department, Heads the firm’s East Asia Practice
Shai Pines photo Adv Shai Pines Partner, Heads the Private Clients, Trusts and Estates Department
Ori Primo photo Adv Ori Primo Partner, Litigation department
Efrat Rozner photo Adv Efrat Rozner Partner, Litigation Department
Gal Rub photo Adv Gal Rub Partner, Energy and Infrastructure Department
Dan Sella photo Adv Dan Sella Partner, Co-Heads the Banking and Finance Department
Dor Shacham photo Adv Dor Shacham Partner, Heads the Real Estate Department
Yaron Sobol photo Adv Yaron Sobol Partner, Corporate and M&A, Hi-Tech Departments
Amnon Sorek photo Adv Amnon Sorek Partner, Corporate and M&A Department
Ran Sprinzak photo Adv Ran Sprinzak Partner, Co-Heads the Litigation Department
Eleanor Stark photo Adv Eleanor Stark Partner, Litigation Department
Doni Toledano photo Adv Doni Toledano Managing Partner, Head of the M&A and Banking and Finance Departments
Yael Urieli photo Adv Yael Urieli Partner, Planning and Zoning, Renewable Energy Departments
Haim Waintrob photo Adv Haim Waintrob Co-Heads the Planning & Zoning Department, Partner in the firm’s Administrative Law…
Tomer Weissman photo Adv Tomer Weissman Partner, Co-Heads the Litigation Department
Eyal Wiesel photo Adv Eyal Wiesel Partner, Corporate and M&A Department
Tom Wolfstein photo Adv Tom Wolfstein Partner, Real Estate Department
Moty Yamin photo Adv Moty Yamin Partner, Heads the Capital Markets & Securities Department
Ronen Yardeni photo Adv Ronen Yardeni Heads the Planning and Zoning Department, Partner in the firm’s Renewable Energy…
Attorneys : 160
Partners : 58
Total Staff : 220

Asset Purchase Transactions

Israeli M&A Activity – Market Trends Towards 2023

After two prosperous years in the Israeli M&A market, which can be generally categorized as having been a “pro-seller” market, it appears that the tide is changing into a “pro-buyer” market. This shift can be attributed in great part due to global and macro-economic changes, and is, naturally, affecting the terms and conditions and deal structure of the transactions today. We are starting to see fewer (successful) bids, longer negotiation and due diligence periods (including in connection with the company valuations), and a more frequent occurrence of asset-based transactions.

As investment and private equity funds still have significant ‘dry powder’ to invest, and there are many investment opportunities at more modest (and perhaps “realistic”) valuations, we foresee that towards the second half of 2023, investors will get back into the ring just as companies will be in need of financing, with their “Corona era” funds coming to an end. We anticipate that the Israeli M&A market, at least in the short term, will continue being a pro-buyer market, with one of its characteristics being a growing number of asset-purchase deals.

Essential Considerations for Choosing an Asset Purchase Transaction

When buying or selling a business, owners and investors may choose to structure the transaction as a sale and purchase of assets, or a sale and purchase of shares, depending on a variety of considerations and factors. Share purchase deals, by their very nature, result in the transfer of ownership of the entire business entity itself. When an asset transaction is contemplated, several factors come into play, as the sale of specific assets and the assumption of specific liabilities are at the heart of the transaction.

Here is a brief review of various aspects that may affect the decision of the parties to pursue an asset-based transaction or a share-based transaction.

  • ‘Cherry-picking’ of Assets and Liabilities. Choosing the assets and the assumed liabilities is probably the most significant advantage of asset purchase transactions over a share purchase deal. This modular transaction allows the buyer to limit the potential liability that it will be exposed to as a result of the transaction, exclude un-necessary assets and liabilities which it is not interested to purchase, and use a ‘cut-off’ date at closing, allowing for a clear date on which the assignment of the assets and liabilities occur. The foregoing is contrary to share purchase transactions, where the buyer acquires a company with all of its liabilities and exposures (however subject to limited indemnification from the seller).
  • ‘Double’ tax layer for Sellers. When a company sells its assets, the capital gain from the sale will be added to its revenues for that tax year, and the company will then be charged with corporate tax (currently at the rate of 23%). The remaining amount of gain will be directed to the company’s retained earnings, so if shareholders wish to withdraw the retained earnings attributed to the transaction, they will have to declare the distribution of dividends, which will then be subject to tax dividend (currently at the rate of 25%, or 33% for a controlling shareholder, including 3% suretax). As such, the effective tax rate for shareholders of the company may be higher than that if they had sold their shares.
  • Expiration of Permits and Approvals. Specific permits, approvals, tenders, or existing licenses may expire upon transfer of the assets, and buyer would therefore need to re-apply for such permits and approvals in its name. This must be identified and be considered by buyer prior to the transaction as it may be fundamental to the company’s business and operations. Furthermore, the buyer should take into consideration that regulators (both at the governmental and municipal level) may take advantage of this opportunity to enforce or impose new terms and conditions or restrictions.
  • Complex Closing. The process of acquiring a company’s assets may be more complicated as a result of the specific treatment required for each acquired asset. Seller may find it difficult to separate the sold activity in order to classify assets, P&Ls, and liabilities, which may require additional preparations on its behalf. On buyer’s side, buyer may come across obstacles in possessing the assets in the purchased activity, such as operational difficulties to move assets and processes from one location to another, transfer of employees and contractors, assignment of contracts with clients or vendors, obtaining permits and licenses, obtaining third party consents from lenders and lessors, and so forth.
  • Assignment of Contracts. Absent specific assignment provisions in the contract, generally an assignment of a contract would require the consent of the other party, unless the assignment is of rights, in which case the assignment may be effected upon notice. This requires the buyer to identify the key contracts with suppliers and customers and verify what can be assigned to the buyer at closing. Assignment of key contracts may be a burden on the completion of a transaction, particularly if a third party’s consent is required in order to amend the contract’s terms and conditions, or in cases where the assignment of the contract can trigger the termination of the contract.
  • Approval Mechanism. An asset deal would customarily require only the approval of the board of directors of the company, which avoids having to approach the shareholders of the company and untimely dealings with multiple sellers, minority shareholders, and the like.
  • Shorter Due Diligence. Asset purchase transactions require a relatively short due diligence process as opposed to a share purchase transaction, since less emphasis is placed on the potential liabilities and exposures of the target company as a whole, and the advisors can rather focus on the acquired activity. This simplified due diligence process reduces transaction expenses for the buyer.

General Structure of Asset Purchase Agreements

The basic structure of an asset purchase agreement will include the following provisions:

Purchased Assets and Excluded Assets. The parties should ideally specify (most conveniently in scheduled lists), which assets are acquired by, and which assets are not being acquired, and therefore remain with the seller. The excluded assets will remain in the sole ownership and responsibility of the selling company.

Assumed Liabilities and Excluded Liabilities. The parties should specify which liabilities are assumed and which liabilities are excluded by the buyer, and therefore remain with the seller. The exclusion of certain liabilities is important for protecting buyer from known and unknown exposures, e.g., obligations of the seller towards its customers; expenses incurred by the seller in the development or procurement of the purchased assets; obligations to employees and service providers for the pre-closing period; accounts payable; liability arising from the seller’s failure to perform agreements; and the like.

Purchase Price Allocation. It is advisable for the parties to agree on the allocation of the purchase price between the various acquired assets and assumed liabilities, so that there is alignment in the reporting to the tax authorities, and the correct calculation of the tax (where value added tax or purchase tax is involved). Accounting considerations should also be considered here (inter alia with respect to depreciation and amortization) and planning the “exit” taxes (in terms of the original purchase price).

Specific Israeli Issues in an Asset-based Transactions:

Transfer of employees

Specific attention should be given to the method of transfer of employees of the company, which can either take the form of ‘fire and (re)hire’ or ‘employee transfer in continuity’. In addition, where an employee union is involved, the transfer may likely involve negotiation and the execution of a new or amended collective bargaining agreement, which should be taken into consideration in connection with costs as well as delays in the transaction time.

The ‘fire and (re)hire’ method is comprised of the employment relationship between the transferred employees and the seller being terminated and pursuant to which the seller (being the employing company) must pay the transferred employees all payments they are entitled to upon such termination, and the transferred employees are thereafter rehired by the buyer. Employee transfer in continuity is essentially where the buyer hires the transferred employees but assumes the continuity of the employment of the transferred employees and all the entitlements, obligations, and exposures in connection with their employment with the seller.

The ‘fire and (re)hire’ method is typically preferred by buyers, as buyers avoid certain exposures with respect to the pre-closing employment period. This does not mean that buyer should be indifferent to the rights of the transferred employees, and it is in its interest to confirm that the hired employees are fully paid by the seller for all their pre-closing entitlements. It is important for the buyer to note however, that even under ‘fire and (re)hire’, Israeli law provides for the continuity of certain of the rights of the re-hired employees with their new employer (the buyer), such as acknowledging the transferred employees’ seniority and service credit, considering their employment period with their former employer.

For example, Section 30)a( of the Wage Protection Law, 5718-1958 provides that a new employer may remain liable for wages, salary and provident fund payments (a liability which could be mitigated under certain circumstances); and Section 18 of the Collective Agreements Law, 5717-1957 provides that the new employer will take on the liability in connection with any obligations under a collective agreement. In addition, there are other laws and regulations which focus on the “workplace” rather than on the identity of the “employer” in order to determine the entitlement to certain rights, such as sick days, entitlement to annual leave, qualification period for pregnancy protection rights, etc.

By choosing the ‘fire and (re)hire’ method, the pension funds (which include all or part of the severance pay as well) are, in general, released to the employee, and the buyer will become the new employer and responsible for the contribution of pension and severance payments starting from the closing date. Also, in ‘fire and (re)hire’, employees are entitled to their severance pay, all or portion of which was accumulated in the pension funds (as described below), redemption of accrued and unused vacation days and accrued convalescence pay.

Lastly, according to Israeli labor laws, an employer cannot transfer its employee to another employer without his or her consent. This means that even in the ‘employee transfer in continuity’ method the employee needs to agree to be employed by the buyer. Also, it should be noted that no funds will be released to the employee, including severance pay, as all the funds will be transferred to the buyer as the new employer. The buyer will be responsible for the pre-closing employment period and therefore it should verify that funds and contributions were properly and timely made by the seller. The transfer of the employees’ pension funds requires specific notice to the tax authorities which should be provided prior to the closing.

Transfer of Knowledge

The transfer of intellectual property rights is generally realized through the asset purchase agreement itself. With the exception of registered intellectual property such as patents and trademarks which are administered by the Israeli Registrar of Patents and the Registrar of Trademarks, all other intellectual property rights, including copyrights, are not required to be registered in Israel.

This means that in terms of the transfer of intellectual property assets in technology-based companies, much more attention should be given in the due diligence phase, to identify the following risks and exposures:

  • analyzing all intellectual property provisions relating to strategic alliances, services, manufacturing, supply and distribution, settlements, and intellectual property licensing;
  • review and analysis of the target company’s agreements with employees and consultants involved in the R&D and the undertakings thereunder regarding the assignment of intellectual property rights to the company;
  • reviewing the company’s use and application of open-source codes and compliance with their license terms; and
  • confirming whether there was any governmental funding provided to the target company relating to funding of R&D activities, and specifically funding from the IIA – Israel Innovation Authority.

With respect to the last point, in many transactions involving technology companies, one may encounter the IIA (or in its former name, Office of the Chief Scientist), which provides funding to technology companies through various R&D grant programs, which grants are generally repaid from revenues from sales of products. Many Israeli early-stage Hi-Tech companies obtain these grants, which have attractive terms, and as such, become subject to the rules and regulations of the IIA. These rules and regulations include several obligations, processes, obtainment of approvals, or sometimes even fees, when the funded intellectual property is to be transferred.

Israeli Tax issues

A non-Israeli tax resident who sells shares in an Israeli company may be exempt from capital gains tax if several conditions are met. This exemption, however, does not apply to the sale of assets, so in most cases where non-Israeli shareholders are involved, the sale of shares is preferred by the sell-side.

In general, selling assets by an Israeli company is a transaction which is subject to value added tax in Israel (currently at the rate of 17%) on certain types of assets. If the buyer is not an Israeli company or a non-Israeli company registered for VAT purposes in Israel, one of the parties to the transaction will have to bear the value added tax without the possibility of offsetting the tax. Selling shares of Israeli companies, however, is generally not subject to VAT.

In Israel there are very broad withholding obligations. Accordingly, it is market standard for a buyer of assets or shares to require seller to present a certificate issued by the Israel Tax Authority that seller is exempt from Israeli withholding. Without such a certificate the buyer will have to withhold Israeli tax at the applicable tax rate.

Transfer of real estate

When one of the acquired assets is real estate, the buyer should examine the specific risks and associated real estate taxes (including purchase tax), and consider the resulting mechanics, such as the use of escrow, the release of (and registration of new) mortgages, payment of municipal taxes and the receipt of the necessary approvals for the transfer of the real estate with the Registrar of Real Estate. Where the real estate is owned by the State of Israel (which is the case in most transactions) its consent is required (mostly, but not all, through the Israel Land Authority).

Transfer of Personal Information and Databases

The Israeli Privacy Protection Law, 5741-1981 and the regulations promulgated thereunder regulates the collection and use of personal data, pursuant to which a collection of personal data processed by an entity should be administered as a “database” which may be subject to a registration requirement with the Registrar of Databases at the Israeli Privacy Protection Authority. This Authority oversees compliance with the privacy laws in Israel any transfer of a registered database should be pursuant to guidance issued in this regard and maintaining the data subject rights.

The main risk at hand here is the sharing of personal data collected by the seller for certain purposes with buyer, which may give rise to the need in providing disclosure to the data subjects, and in some cases, even obtaining their consent, whether opt-out or on an opt-in basis.

In some asset-purchase deals, the purchased assets do not contain an entire database but rather only certain parts of it, and this requires special attention to data mapping, listing the information systems, and analyzing the privacy risks involved therewith. In other deals, the buyer may need the seller to keep processing the purchased information for a designated period following closing, due to operational or regulatory need.

In all of the foregoing scenarios, the parties will need to identify the databases and categories of personal data involved, to define the lawful basis for sharing the data, and to determine the relations of the parties until closing or thereafter in terms of controller-processor relations (or in Israel, a database manager – holder relations).

Public Registrars

When purchasing assets that are registered in a public registry, it is important to complete the process by updating the applicable registry. It should be noted that in some cases the registry is constitutive as to the rights of the registered owner. Common registries include the Registrar of Real Estate, the Licensing Registry of the Ministry of Transport and Road Safety, the Patent Registrar, the Trademarks Registrar and the Registrar of Databases. Buyer should also check with the public registers administering pledges and charges which may be imposed on the purchased assets.


Asset purchase transactions are generally more complex for both the sell-side and buy-side, but have their advantages, mainly for the buy-side, and so they are likely to be more popular in a “pro-buyer” market, as currently seen in the Israeli M&A market. In light of the complexity and special characteristic of asset-based transactions, it is recommended to involve local counsel from the early stage of the transaction structuring, in order to make the process as efficient and short as possible, as well as to address the various factors set out above, which are for the most part, Israel specific.



Lior Etgar, Partner, leads the Data Protection and Privacy Practice

Shay Dayan, Partner, Corporate and M&A Department