Egged

In October 2022, Keystone, through a special purpose vehicle, completed the acquisition of 60% of the shares of Egged Transportation Company Ltd., the largest public transportation company in Israel, and one of the largest transportation groups in the world. Egged group, which was officially established in 1933, employs approximately 9,000 employees in Israel and around the world, and has an annual revenue turnover of over NIS 4 billion.

Egged operates mainly in the field of operating public transit clusters in Israel and provides services in 28 public transportation clusters in with ~200 million km per year. Egged also provides maintenance, distribution and production services for the bus industry (through its 27 service centers in Israel) and has become an authorized service provider for Israel’s bus importers. Egged also expanded its operations to Europe and is currently operating public transit services in the Netherlands and Poland.  Egged also operates light rail trains and private transportation in Israel. Egged owns a diversified real estate portfolio in Israel of approximately 380,000 square meters.

The purchase deal was completed in October 2022 through an SPV (a partnership) in which Keystone owns approximately 80% (as a limited partner) together with the Teachers and Kindergarten Fund which owns approximately 20% of the partnership. Keystone holds the GP rights in the partnership.