Israel Practice

Davis Polk lawyers bring in-depth knowledge and experience across a broad range of business sectors to Israeli companies seeking opportunities around the world, as well as companies seeking opportunities within Israel. We have been at the center of major transactions and legal matters involving prominent Israeli corporations, including in the financial services, technology, media, telecommunications, energy, chemicals and health care sectors.

Our team consists of lawyers who speak Hebrew, including a number of lawyers who have graduated from Israeli law schools and have worked in some of the most prestigious law firms in Israel. We regularly advise Israeli companies in the M&A, tax, litigation, credit/restructuring, private equity and intellectual property practice areas. This wide breadth of experience has allowed us, over the course of many joint assignments, to develop strong relationships with a number of leading Israeli law firms, investment banks, accounting firms and VC funds.

Davis Polk serves clients worldwide from 10 offices located in key financial centers in the United States, Europe, Asia and Latin America. We combine U.S., English, Hong Kong and French law capabilities to provide our clients with consistently excellent advice and service.

Notable Matters

Our recent assignments involving Israeli companies include Israel’s largest corporations, high-tech and bio-tech companies and financial institutions.

CAPITAL MARKETS
  • Novocure Limited. We advised the underwriters on the $165 million IPO and NASDAQ listing of the common shares of Novocure Limited. NovoCure Limited is a commercial-stage oncology company developing a novel, proprietary therapy called Tumor Treating Fields, or TTFields, for the treatment of solid tumor cancers.
  • Taboola. We advised Taboola.com, a content discovery platform for web publisher sites, on its private placement of $117 million of Series E preferred stock.
  • Adama Agricultural Solutions. We are advising Adama Agricultural Solutions, an off-patent crop protection solutions company, on its pending SEC-registered IPO of ordinary shares and NYSE listing.
  • Israel Chemicals Ltd. We advised Israel Chemicals on its $421.1 million IPO (the first-ever IPO to include a forward sale agreement in addition to the offering) and an $800 million Rule 144A/Regulation S offering of notes. Based in Tel Aviv, ICL is a specialty minerals company and is listed on both the Tel Aviv Stock Exchange and the New York Stock Exchange.
  • Moinian Limited. We acted as U.S. adviser to Moinian Limited on its NIS 1.4 billion ($361 million) bond issuance on the Tel Aviv Stock Exchange (TASE). The bond issuance is the largest TASE offering to date by a U.S. real estate company. Founded in 1982, The Moinian Group is one of the largest private real estate companies in New York.
  • Delek Drilling LP and Avner Oil Exploration LP. We advised Delek Drilling LP and Avner Oil Exploration LP, gas subsidiaries of the Delek Group, as sponsors, on its $2 billion Rule 144A offering of notes by its special-purpose vehicle Delek & Avner (Tamar Bond) Ltd. This is the third-largest corporate bond offering in history by an Israeli issuer. The Delek Group is one of Israel’s dominant integrated energy companies.
  • Kamada Ltd. We advised the underwriters on the $60 million SEC-registered IPO of ordinary shares by Kamada Ltd., an orphan drug focused, plasma-derived protein therapeutics company with an existing marketed product portfolio and a robust late-stage product pipeline. This is the largest-ever IPO by an Israeli pharmaceuticals issuer.
  • Cellcom Israel. We advised Cellcom Israel, a cellular communications services provider in Israel, on its $400 million IPO of common stock (the second-largest in Israeli history and the largest since 2000); $157 million in aggregate of three follow-on private placements of common stock and four offerings of debentures with aggregate proceeds of $1.1 billion.
  • Stratasys. We advised the underwriters on a $481 million SEC-registered offering of common stock of Stratasys, a global provider of additive manufacturing solutions.
  • MediaMind Technologies. We advised MediaMind Technologies, an Israeli provider of digital advertising solutions, on its $58 million IPO of common stock.
  • Nice Systems. We advised the sole manager on two offerings of common stock by NICE Systems, an Israeli provider of specialized data recording products used to monitor interactions, with aggregate value of $394 million, which represent two of the largest equity offerings by Israeli companies.
M&A 
  • Ormat. We advised the special committee of the board of directors of Ormat Technologies, a geothermal company based in Israel and the only vertically integrated company solely engaged in geothermal and recovered energy generation, in connection with its merger with its parent entity, Ormat Industries.
  • MediaMind Technologies. We advised MediaMind Technologies, an Israeli provider of digital advertising solutions, on its $517 million acquisition by Digital Generation, which provides innovative technology-based solutions to the advertising, broadcast and publishing industries.
  • Warburg Pincus and Alliance Tire Group. We advised affiliates of Warburg Pincus and Alliance Tire Group, an Israeli developer, manufacturer and supplier of a wide range of off-road tires, on the sale of Alliance Tire to affiliates of Kohlberg Kravis Roberts & Co.
  • Photon Dynamics. We advised Photon Dynamics, a provider of flat panel display test and repair systems, on its $290 million acquisition by Orbotech, an Israeli designer, manufacturer and marketer of automated inspection equipment for printed circuit boards and flat panel displays.
  • Vector Capital. We advised Vector Capital, a San Francisco-based value investor in established technology businesses, on its acquisition of Symantec’s Application Performance Management (APM) business, which now operates as a stand-alone company called Precise Software Solutions, based in Israel.
  • PowerDsine. We advised PowerDsine, an Israeli designer, developer and supplier of integrated circuits, modules and systems, on its $245 million acquisition by Microsemi, a designer, manufacturer and marketer of high-performance analog and mixed-signal integrated circuits.
  • We advise a number of Israeli corporations and VC funds on their U.S. operations and have advised U.S. clients on investments in Israel.
CREDIT
  • Delek Drilling LP and Avner Oil Exploration LP. We advised Delek Drilling LP and Avner Oil Exploration LP, gas subsidiaries of Delek Group, a diversified energy company with assets in the petroleum refining, marketing, supply and retail industries on a $300 million asset-backed revolving credit facility for the financing of project Tamar.
LITIGATION AND REGULATORY

 

  • Bank Leumi. We represented Bank Leumi:
    • In a contempt and turnover action brought by the trustee of the Lehman Brothers bankruptcy estate in connection with the attachment of funds by Bank Leumi in Israel.
    • In connection with international tax investigations conducted by the U.S. Department of Justice and the New York Department of Financial Services.
  • We advise a number of Israeli banks on:
    • Confidential investigations.
    • Regulatory matters relating to the U.S. Dodd-Frank law.
TAX
  • We have advised:
    • Israeli companies and underwriters regarding the tax aspects of securities offerings in the United States and other international financing arrangements.
    • Israeli and U.S. companies regarding the tax aspects of various mergers and consolidations involving Israeli companies.
    • Israeli companies in connection with structuring investment vehicles.