Cosmetics maker Ahava finds buyer, values firm at 300 mln shekels

The owners of Dead Sea cosmetics maker Ahava have reached a preliminary agreement to sell control of the Israeli company in a deal that values it at 300 million shekels ($76.30 million).

Gaon Holdings, which owns 15.72 percent of Ahava, said in a statement to the Tel Aviv stock exchange that the sale would be for at least 51 percent of the company, a maker of skin care products from Dead Sea minerals.

Gaon did not name the buyer, but Israeli news website Globes reported it to be China's Fosun International, which in June bought a controlling stake in Israeli insurer Phoenix Holdings. ($1 = 3.9321 shekels)