Lev Leviev made an offer to acquire 64.88% stake in AFI Development PLC (LSE:AFID) from Africa Israel Investments, Ltd. (TASE:AFIL) for ILS 550 million on July 17, 2016. As of July 25, 2016, Lev Leviev signed an agreement to acquire 64.88% stake in AFI Development from Africa Israel Investments. Leviev will pay the consideration within 36 days following the fulfillment of the conditions precedent. Under the terms, Leviev will grant Africa Israel a call option to purchase from him, throughout a period of three years, securities of AFI Development constituting up to 10% of AFI Development's issued share capital.

The transaction is subject to approval of the Tel Aviv District Court and bondholders. On July 22, 2016, AFI Development announced that following legal review by legal counsel to AFI Development, an additional regulatory approval has been included, being the receipt of an exemption from the Cyprus Securities and Exchange Commission from the submission of a mandatory tender offer. If conditions are not fulfilled by July 31, 2016, transaction will not proceed. District Court in Tel Aviv approved the transaction on July 28, 2016. Following the meeting on August 1, 2016, AFI Development received a letter from VTB Bank PJSC, the lender, stating that in view of Leviev, the Executive Chairman of AFI Development, having provided the Guarantee, VTB Bank PJSC would defer completion of the Disposal until 30 September 2016. The Cyprus Securities and Exchange approved the transaction on August 5, 2016. Expected closing of the transaction is in the next 36 days. The entire amount of consideration will be utilized for early repayment of Africa Israel debentures. David Westover, Sandra Novakov and Marina Zakharova de Calero of Citigate Dewe Rogerson acted as public relation advisors for AFI Development.