Shibolet & Co. > Tel Aviv, Israel > Firm Profile
Shibolet & Co. Offices
TOU Towers
4 Yitzhak Sade St
TEL AVIV 6777504
Israel
Shibolet & Co. > The Legal 500 Rankings
Israel > Energy Tier 1
Shibolet & Co.’s increasingly prominent energy practice added a string of new clients over the past year, including major multinational and domestic renewable energy players such as China United Corporation, RCS Solar and Meshek Energy. The group works in tandem with the infrastructure practice to specialise in energy projects, with strong recent showings in the power (both conventional and renewables), energy storage and waste-to-energy spheres. Project finance specialist Alon Ziv co-heads the group together with construction chair Sharon Adler and David Magriso, who focuses on construction and development projects. Adiel Shulhani is also noted. Shlomit Hess recently left the firm.Practice head(s):
Alon Ziv; David Magriso; Sharon Adler
Other key lawyers:
Revital Ben-Artzi; Eyal Ron; Adiel Shulhani
Testimonials
‘Sharon Adler excels in all his fields of practice. Technically proficient and extremely knowledgeable about the market, he is the lawyer you want by your side when doing business in Israel.’
Key clients
Rafael Advanced Defense Systems
OPC Energy
Fu-Gen
Emergy
BL Energy
Igudan
Israeli Governmental Authority
Israeli Natural Gas Authority
Aluma Infrastructure Fund (2020)
Grand Ofek Projects
Natoon Group
Ayalon Highways.
Sociedad Española De Montajes Industriales (SEMI)
YSB Group
IMASA Ingeniería y Proyectos
Lesico Group
Oron Group
Palgag Group
Deutsche Bahn Engineering & Consulting
ib vogt
Poldmir
ACS Group
Delek Group
China State Construction Engineering Corporation (CSCEC)
Clal Insurance
Phoenix Insurance Company
Netafim
Siemens
Shikun & Binui
Ellomay Pumped Storage (2014)
Bank Leumi
Cfir Light Rail
Helios Energy Investments
Amitim – Senior Pension Funds
Blue Sphere Corporation
Solegreen
Global Sun Israel (Arava Power Company)
Poalim Capital Markets – Investment House
Eilat Eilot Renewable Energy
Yevuley Shemesh
F.K. Generators and Equipment
Harel Insurance
Capital Nature
Altshuler Sacham
Telemenia
Effisolar Enterprises
Ralco Energy
Superbus / Auto-Chen Group
Danya Cebus, COMSA Unipersonal, Cobra Instalaciones y Servicios, Enclavamientos Y Señalizacion Ferroviaria Enyse
Menolead Herut Systems
Ashdod Port Company
Emergy
Deutsche Bahn Engineering & Consulting
Rafael Advanced Defense Systems
Siemens Energy
JV Storage
Grand Ofek Projects (GOP)
Adani – Development of the Haifa Port
Phoenix Insurance Company
RCS Solar
Meshek Energy
China United Corp.
Ford Municipal Systems
Work highlights
- Representing BL Energy in multiple transactions with Israeli energy companies for the development of high voltage renewable and energy storage projects, valued at billions of NIS.
- Representing OPC Energy in acquiring the full ownership rights in Sugat power plant from Dor Alon, in a deal valued at NIS1bn.
- Representing Switzerland-based Fu-Gen in various European projects.
Israel > Infrastructure Tier 1
Over the past year, Shibolet & Co. added 15 new clients to its infrastructure practice, including government entities and major domestic and multinational infrastructure companies. A strong performer in energy-related matters, where it can team up with the firm’s premier standalone energy offering, the full-spectrum group also handles projects in the rail, port, defence and road spheres, among others. Department co-head and project finance specialist Alon Ziv leverages over two decades of experience in advising on large-scale projects. Ziv co-heads the team together with ‘extremely knowledgeable’ construction chair Sharon Adler; and David Magriso, who has an emphasis on transport projects.Practice head(s):
David Magriso; Alon Ziv; Sharon Adler
Testimonials
‘Sharon Adler excels in all his fields of practice. Technically proficient and extremely knowledgeable about the market, he is the lawyer you want by your side when doing business in Israel.’
Key clients
Rafael Advanced Defense Systems
OPC Energy
Fu-Gen
Emergy
BL Energy
Igudan
Israeli Governmental Authority
Israeli Natural Gas Authority
Aluma Infrastructure Fund (2020)
Grand Ofek Projects
Natoon Group
Ayalon Highways
Sociedad Española De Montajes Industriales (SEMI)
YSB Group
IMASA Ingeniería y Proyectos
Lesico Group
Oron Group
Palgag Group
Deutsche Bahn Engineering & Consulting
ib vogt
Poldmir
ACS Group
Delek Group
China State Construction Engineering Corporation (CSCEC)
Clal Insurance
Phoenix Insurance Company
Netafim
Siemens
Shikun & Binui
Ellomay Pumped Storage (2014)
Bank Leumi
Cfir Light Rail
Helios Energy Investments
Amitim – Senior Pension Funds
Blue Sphere Corporation
Solegreen
Global Sun Israel, L.P (Arava Power Company)
Poalim Capital Markets – Investment House
Eilat Eilot Renewable Energy
Yevuley Shemesh
F.K. Generators and Equipment
Harel Insurance
Capital Nature
Altshuler Sacham
Telemenia
Effisolar Enterprises
Ralco Energy
Superbus / Auto-Chen Group
Shapir Civil and Marine Engineering
Poran Shrem Engineering and Appraisal
Danya Cebus, COMSA Unipersonal, Cobra Instalaciones y Servicios, Enclavamientos Y Señalizacion Ferroviaria Enyse
Menolead Herut Systems
Ashdod Port Company
Grand Ofek Projects (GOP)
Adani – Development of the Haifa Port
Phoenix Insurance Company
RCS Solar
Meshek Energy
China United Corp
Ford Municipal Systems
Work highlights
- Representing the Design-Build-Maintain Contractor (SEMI) in the $3bn Israel Railways electrification project.
- Representing a bidding consortium (composed of Poran Shrem Engineering and Appraisal, Delhi Metro Rail Corporation, RITES, and others) in the Line Manager Tender, in connection with the development of the Tel Aviv Metro project.
- Representing Yevuley Shemesh in the development of major renewable power plants in Greece and Poland, with an overall value of more than €500m.
Israel > Banking and finance Tier 2
Spearheaded by complex cross-border financings expert Alon Ziv, Shibolet & Co.'s practice stands out for the team’s expertise in high-value financing and lending transactions, including tech and fund lending work, while also assisting banks, financial institutions, and insurance companies with complex credit insurance transactions, financial regulatory issues, and acquisition finance matters. Credit insurance specialist Nilly Alshech Raviv is a key contact, while Gadi Ouzan is known for advising national and international venture capital funds that wish to invest in Israeli start-ups.Practice head(s):
Alon Ziv
Other key lawyers:
Testimonials
‘Alon Ziv has a wide understanding of complex situations and agreements, with the creativity to find solutions to complex issues.’
‘Fast and experienced team.’
Key clients
Nationwide Mutual Insurance Company and its Affiliates
B.S.S.H.- The IsraeliCredit InsuranceCompany Ltd.
Aluma Infrastructure Fund (2020) Ltd (Aluma); Esco Israel
Shikun & Binui Ltd
Rafael Advanced Defense Systems Ltd
Babcom Centers Ltd
Swift Cash Ltd
Centarrow Ltd.
Orika Finance Ltd.
Hub Cyber Security Ltd.
Companie Nationale Royal Air Maroc
Sandy Spring Bank
Freezem Cryogenics Ltd.
Adoman Investments Ltd
Tadbik Group (Tadbik Ltd. & Tadbik New Jersey Inc.)
Max Stock Ltd.
Arbelis Trade Ltd.
Open Finance Ltd.
Markel Surety
El Al Israel Airlines Ltd.
The Phoenix Holding Ltd.
Goldman Sachs
Morgan Stanley
Gama Management and Clearing Ltd.
Leumi Bank Limited
BNP Paribas Israel
Bank HaPoalim
Israel Discount Bank Ltd.
Harel Insurance Company Limited
Menorah Insurance Ltd.
Altshuler Shaham Ltd.
Amitim Finances
The Interdisciplinary Center Herzliya
Ashtrom Group
Ellomay Capital Ltd – Renewable Energies
Wells Fargo Capital Finance LLC
Igudan – The Dan Regional Association for Environmental Infrastructures
Poalim Equity
Tamares Telecom Ltd.
Albaad Massuot Yitzhak Ltd. and Albaad USA Inc.
Prytek Group
Ceragon Ltd.
Viserion Ltd.
Max Stock Ltd.
Work highlights
- Advised Esco Israel on a complex acquisition financing deal of NIS60-75m with Bank Hapoalim.
- Advised Nationwide Mutual Insurance Company on its receipt of indemnification obligations and collateral from Shikun & Binui Ltd.
- Advised Amitim – Senior Pension Fund on its financing of Shikun & Binui – Solel Boneh Infranstracture Ltd., a mega student dormitory housing project.
Israel > Capital markets Tier 2
Alongside its significant focus on equity transactions, complex IPOs and secondary offerings, Shibolet & Co.‘s practice is noted for its involvement in a range of bond issuances, with practice head Adi Zaltzman and securities and M&A specialist Omer Weiss advising Delek Properties on its issuance of tradable bonds through an IPO. The team also includes regulatory and compliance expert Saul Adereth, who is recognised for his track record in advising fintech and blockchain companies; Inbar Eitan-Goldstein, who is recommended for both equity and debt offerings; and Itshak Cohen-Yehonatan, who advises on government companies’ securities listed on the Tel Aviv Stock Exchange.Practice head(s):
Adi Zaltzman
Other key lawyers:
Testimonials
‘They have experts in all areas of commercial and corporate law covering our needs. The team is very responsive and service-oriented, reasonable, creative, and with a long-term partnership approach. They provide consistent quality in all services.’
Key clients
Aulder Capital LLC
B Communications Ltd.
Bubbles Intergroup Ltd.
Camtek Ltd.
Ceragon Networks Ltd.
Delek Israel Properties (D.P) Ltd.
El Al Israel Airlines Ltd.
Electra Ltd.
Gama Management & Clearing Ltd.
Holisto Ltd.
Hub Cyber Security Ltd.
Inrom Construction Industries Ltd.
Kerur Holdings Ltd.
Lahav L.R. RealEstate Ltd.
NICE-Systems Ltd.
Nostromo Energy Limited
The Phoenix Holdings Ltd.
Pulsenmore Ltd.
Space-Communication Ltd.
Zvi Sarfati & Sons Investments & Constructions Ltd.
Work highlights
- Advised Delek Israel Properties (D.P) Ltd. on its issuance of tradable bonds through an IPO, after which Delek Properties became a reporting entity.
- Advised Desktop Metal, Inc. on a $1.8bn merger and share exchange with Stratasys Ltd.
- Advised El Al Israel Airlines Ltd. (Israel’s flag carrier) and its controlling shareholder, Kanfei Nesharim Aviation Ltd., on a special tender offer transaction as well as an issuance of bonus shares previously required by the Israeli Ministry of Finance as part of Covid-19 related state aid.
Israel > Commercial, corporate and M&A Tier 2
Shibolet & Co. maintains a thriving M&A and corporate practice which proves to be a go-to choice for clients from the hi-tech, energy, and life sciences sectors, where the team notably handles complex cross-border M&A transactions, venture capital investments, and joint ventures. The department is jointly led by hi-tech specialist Ofer Ben-Yehuda and Einat Weidberg, who is routinely engaged in cross-border corporate and debt finance transactions, most notably in the healthcare and life sciences. Lior Aviram is praised by clients for his unique problem-solving skills, while Maya Koubi Bara-nes is also recommended for her knowledge of cross-border M&A regarding technology-related companies.Practice head(s):
Ofer Ben Yehuda; Einat Weidberg
Other key lawyers:
Testimonials
‘I have worked with Shibolet on a complicated transaction involving US and Israeli laws and regulations. Shibolet did an outstanding job providing crucial advice on Israeli law issues in the context of our transaction and our client’s overall objectives.’
‘I worked closely with Lior Aviram and Maya Koubi Bara-nes. Both have been excellent. They have great attention to detail, while keeping the broader strategic objectives in the foreground.’
‘A dedicated and professional team that accompanies you step-by-step through complicated transactions and corporate matters.’
‘Lior Aviram is the best and provides excellent assistance and solves problems.’
‘The Shibolet team, as a whole, has become a valuable part of our company. Shibolet’s comprehensive suite of legal services is exceptional, offering a diverse range of practices that cater to the multifaceted needs of our international technology company. Shibolet serves as an invaluable one-stop-shop for all our legal requirements.’
‘The team consistently delivers exceptional work characterised by a high standard of quality, availability, and swift service. Shibolet’s prominent role extends beyond legal advice, encompassing strategic counselling, execution of complex negotiations with large corporate customers such as banks and insurance companies, significant equity transactions, and important matters related to investor relations and the company’s board.’
‘Having served as trusted advisors for many years, Shibolet possesses an intimate understanding of our company, our industry, and the challenges we face. Their collaborative and positive approach, coupled with their innovative and creative solutions, have been instrumental in our growth.’
‘Shibolet’s international capabilities and coordination have proven invaluable. Shibolet’s extensive experience in managing international negotiations, combined with their understanding of business and cultural nuances, enables seamless coordination and effective legal advice on a global scale.’
Key clients
Desktop Metal, Inc.
Agas Yarok Trade and Services Ltd.
Ping Identity
CartiHeal (2009) Ltd.
Zooz
Packer Steel Industries Ltd.
Packer Steels and Galvanizing Ltd.
Freshmarket Ltd.
Elron Ventures Ltd.
Elbit Systems Ltd.
Camtek Ltd.
Rafael Development Corporation Ltd.
Zvi Zarfati and Sons Investments and Building (1992) Ltd.
Work highlights
- Advised Ping Identity on an agreement to be acquired by Thoma Bravo, a leading software investment firm, for $28.50 per share in an all-cash transaction in which the enterprise value of Ping Identity is approximately $2.8bn.
- Advised Desktop Metal, Inc. in a $1.8bn merger and share exchange with Stratasys Ltd.
- Advised CartiHeal (2009) Ltd. on its put/call option transaction with Bioventus LLC valued around $500m.
Israel > Employment Tier 2
Shibolet & Co. is recommended for its assistance regarding the employment aspects of M&A deals, as well as advising on unionisation within organisations and providing representation in collective bargaining negotiations. The team is led by Hadas Raccah-Dvir, an expert on non-contentious work, including recruiting processes and employee relocations. Keren Maimon-Sandler, who is experienced in collective bargaining and other union-related matters and who represents such major employers as Huawei and Domikar, is also integral, as is tech sector and startups specialist Roey Gutman, praised by clients for his ability to ‘navigate through very delicate situations‘. Associate Dorit Rachamim regularly assists on the firm’s key mandates.Practice head(s):
Hadas Raccah-Dvir
Other key lawyers:
Keren Maimon-Sandler; Meyrav Oren; Roey Gutman; Dorit Rachamim
Testimonials
‘Great team, led by Roey Gutman, who was always available for our Company. ’
‘Roey Gutman is highly professional and was available at all times needed. Roey has an answer for every question and his legal guidance helped us navigate through very delicate situations. ’
Key clients
Siemens Group
Earnix
SQLink
Energym
Holisto
BeyeOnics Surgical Ltd.
Top Gum Industries Ltd.
James Richardson Proprietary Limited and J.R. Heinemann Duty Free Limited Partnership
Rimonci Capital
International Flavours & Fragrances Ltd
Imply
Huawei
Outbrain
Citybook Services
Hub Cyber Security
Galil Medical
Delta Israel Brands Ltd
Zohar Dalia
Chemipal Ltd.
Electra Infrastructure
Keidar-Mivnim
Shapir Group
Alljobs
Bolttech-Unicorn
Ceragon Networks
Scodix
Arad Group
Camtek
Lasertec
Clalit Medical Services
S.Schestowitz
DiA Imaging Analysis Ltd
Desktop Metal, Inc.
Domikar Ltd Budget
Alon-Group Ltd.
Ping Identity Corporation
Work highlights
- Represented Desktop Metal on the employment aspects of its merger with Stratasys.
- Represented DiA Imaging Analysis Ltd. in the employment aspects of its acquisition by Koninklijke Philips N.V.
- Representing Jafora Tabori after its employees re-unionised, in negotiations to reach a new collective bargaining agreement.
Israel > Hi-tech and start-ups Tier 2
The ‘fast and efficient’ high-tech team at Shibolet & Co. had a strong year on the M&A side. In a headline-grabbing highlight, firm managing partner Lior Aviram paired up with Maya Koubi Bara-nes to advise Desktop Metal, together with Latham & Watkins, in a $1.8bn merger with Stratasys. The group also advises start-ups and investors on financing rounds, investment transactions and regulatory matters, among other work. Department head Ofer Ben-Yehuda represents numerous emerging growth companies on commercial and corporate matters, with an emphasis on life sciences. Einat Weidberg also maintains a broad technology practice.Practice head(s):
Ofer Ben-Yehuda
Other key lawyers:
Lior Aviram; Einat Weidberg; Eyal Gilboa; Limor Peled; Yoav Manor; Effy Stern; Ben Inbar; Ido Shomroni; Maya Koubi Bara-nes; Chen Nissim; Hemi Dagan
Testimonials
‘The team is extremely responsive; provides extremely practical solutions to any given problem; demonstrates a diversity of skills — from HR to IP and anything in between; covers even very specific matters, e.g., dealing with tech transfer companies of universities; and is cost-effective and eager to be efficient.’
‘Limor Peled is a great advisor and an amazing lawyer with deep knowledge in all aspects of running a company. Ivor Krumholtz is very diligent and you can always trust his word.’
‘Shibolet’s team is very strong. The team always delivers a fast and efficient response and is very capable in solving complex issues and being creative in problem solving. In its work Shibolet’s team uses advanced legal-tech tools which I believe are not used by other Israeli law firms.’
‘Partners make themselves available whenever necessary. Ben Inbar is very thorough, diligent and efficient and delivers extremely good day-to-day service in a wide variety of corporate and commercial matters. Limor Peled is excellent in high-level negotiations and solving complex issues.’
Key clients
Plantify Foods
Hirundo
Fortress Credit Corp
Credittim Israel
Palwallet
Bio Sciences Pharma
Nano Dimension
Dibble App
Cyts Aoyou Technology Development
Silverfort
Unispher Creative Education Platform
Global Point
Seven Finance 07
LTS Pharmaceutical Solutions
Second Skin
Pubstack
Sessions
Ping Identity
Desktop Metal
Camtek
Holisto
hiSky SCS
NovoCure
Elbit Systems
Apollo Capital Management
Certora
Elron Ventures
RDC – Rafael Development Corporation (RDC)
Earnix
The Schusterman Family
Rosetal Information Systems (d/b/a Madlan)
CartiHeal
Dia Imaging Analysis
Cymulate
ZecOps
BeyeOnics Surgical and BeyeOnics Vision
Mentee Robotics
Phytolon
Ballet Vision
Fetcherr
Pluri
Work highlights
- Represented Desktop Metal, together with Latham & Watkins, in a $1.8bn merger with Stratasys.
- Acted for DiA Imaging Analysis in its acquisition by Koninklijke Philips for up to $75m.
- Advised CartiHeal (2009) on a put/call option transaction with Bioventus, which was ultimately terminated.
Intellectual property > Intellectual property: commercial/transactions Tier 2
With specialisation in the high-tech sector, Shibolet & Co. offers a comprehensive service covering all transactional aspects of intellectual property related to business and commercial activities, assisting clients in their technology and intellectual property transfer transactions, commercialisation of their IP, and licensing agreements. Iris Pappo is noted for her expertise in technology and intellectual property licensing and transfer, regularly advising multinational and Fortune 500 companies on their IP-related activities in Israel, while Tal Karplus has a broad practice that covers cross-border licensing and technology transfer transactions, most notably in the pharmaceuticals and medical devices sectors. Coyright issues specialist Tamir Afori and head of the Spanish desk Eyal Oren are also recommended.Practice head(s):
Iris Pappo; Tal Karplus; Tamir Afori
Other key lawyers:
Testimonials
‘The team at Shibolet is unique because they are not only professional, but also very hands-on and manage to close deals. It is also very pleasant to work with them. I appreciate the fact that they always know the small details of the practice, but focus on the big picture.’
‘Deep know-how in multiple interdisciplinary areas, very innovative ideas and great availability.’
‘Eyal Oren has deep know-how in multiple interdisciplinary areas, very innovative ideas and great availability.’
Key clients
LTS Lohmann Therapie-Systeme AG
Israel Aerospace Industries (“IAI”)
Fetcherr
Okibo Ltd.
Disney
Elcam Medical
VLX Ventures
Boyd Corporation
Epitomee Medical Ltd.
BreedX
Patner – operator of OTT television platform
Aviv Technology
Clearmind Med Ltd. (a subsidiary of Clearmind Medicine Inc.)
DiA Imaging Ltd.
Israel Innovation Center
The Kitchen Hub, Limited Partnership
Motion Picture Association (MPA)
Gigi Cosmetics
Jafora Tabori Ltd.
Radio Tel Aviv
Radio Haifa
Radio Darom
Radio Galey Israel
Radius
Radio Lev Hemedina
Radio A-shams.
AGICOA
Keshet Broadcasting
Cellcom
Spotify
Work highlights
Israel > Investment and venture capital funds Tier 2
A host of investment funds, fund sponsors, managers and high-tech companies routinely turn to Shibolet & Co. for its expertise in venture capital, hedge, real estate and debt funds. The team also stands out for handling work for sustainability and climate technologies focused funds. Practice head Orit Sternhell-Zaltzman‘s notable proficiency lies in representing major Israeli high-tech companies in venture capital investments and M&A transactions, areas in which cross-border transactions specialist Lior Aviram and technology and foreign investments expert Gadi Ouzan are also well versed.Practice head(s):
Orit Sternhell-Zaltzman
Other key lawyers:
Testimonials
‘Very holistic approach and solid experience.’
‘The small team I work with is very experienced, responsive and accurately listens to each situation being discussed, providing solid solutions.’
Key clients
i3 Partners II
NevaTeam Partners
Capital Nature Ltd.
Harel Insurance and Investments Group
TheDock Navigator II
Kinneret Impact Ventures
Rimonci International Specialized Fund, L.P.
Takwin Venture Partners II, L.P.
Takwin Labs
Schestowitz Holdings
The Kitchen Hub
Millennium Food-Tech
Work highlights
- Advised i3 Partners on the formation of i3 Partners II LP, a venture capital fund dedicated to making investments in early-stage tech companies.
- Advised on the formation of NevaTeam Partners, an agri-food tech ESG impact driven fund, pursuing investment opportunities in companies engaged in the development of innovative sustainable technologies in food production.
- Represented Capital Nature in the formation of a venture capital fund dedicated to investments in early-stage companies in the field of climate technologies.
Israel > Real estate and construction Tier 2
On the construction side, Shibolet & Co.’s real estate group advised on a significant volume of urban renewal projects over the past year. Moving towards more conventional projects, the team is well-versed in real estate finance, investment deals and land acquisitions, among others. The group is co-led by transactional real estate specialists Michal Gottesman-Barak and Ofer Zuzovsky, together with Yair Salomon, who has a strong record in advice to municipalities, and Eran Balint.Practice head(s):
Michal Gottesman-Barak; Ofer Zuzovsky; Eran Balint; Yair Salomon
Other key lawyers:
Amir On; Omer Elimelech; Inbal Puny; Rotem Vartenfeld
Key clients
Meitav Finance Fund
IBI Investment House
Y. A. Habonim
Ram-Mograbi-Arditi
Eden E.C.M
Gindi Holdings
ICR- Israel Canada Rem Residence
Shaked Partners
Kedar Mivnim
Ashtrom Group
Kibbutzim College
Itzhaki Group
Harel Insurance Company
Bank Hapoalim
Discount Bank
Hachshara Insurance Company
Clal Insurance Company
Yochelman Group
Poalim Equity
Wizo
Hanan Mor Group-holdings
Almog group
Oron group
Leader Top Capital
Azorim
Gindi Chen & Itai Group
Harel Insurance Company
Netanael Group
The Israel Land Development Company
The Phoenix Insurance Company
S. Shlomo Insurance Company LTD
Archimedes Engineering Projects Management
Almog Psagot Urban Renewal
Mekorot, Israel national water co.
Tel Aviv Municipality
Ramat Gan Municipality
Jerusalem Municipality
The Yosi Hogi Group
Work highlights
- Representing ICR- Israel Canada Rem Residence in an urban renewal project in Jerusalem, involving evacuating 138 residential units and constructing around 500 residential units.
- Advising Gindi Holdings on multiple transactions, including on the purchase of lots and on large-scale real estate projects.
- Representing Yochelman Group in urban renewal projects.
Israel > Restructuring and insolvency Tier 2
Counting Israeli banks and domestic companies among its list of key clients, the practice at Shibolet & Co. is regularly appointed as trustee in liquidation and receivership proceedings, with additional expertise in bankruptcies, reorganisations and insolvencies. Joseph Benkel, whose ‘knowledge and experience of litigation across multiple jurisdictions is unparalleled’, jointly leads the team alongside Amir Frankl, who spearheads the bankruptcy, receivership and reorganisation group, and represents creditors and debtors on matters concerning distressed companies and liquidation of real estate and property. Associate Omer Bar Ilan is another key contact in the group.Practice head(s):
Joseph Benkel; Amir Frankl
Other key lawyers:
Testimonials
‘Joseph Benkel is a master tactician.’
‘Joseph Benkel is a standout practitioner. His knowledge and experience of litigation across multiple jurisdictions is unparalleled. He sees the bigger picture, while understanding the significance of the details.’
‘Great team, handling high-profile cases.’
‘Joseph Benkel is truly outstanding.’
Key clients
Medo Business Ltd.
Tapuday Hashlosha Ltd.
Ariel Bonus Ltd.
Lavier Israel Ltd.
S.D.I Marketing And Production Ltd.
Ultra Bin Ltd.
Central Bus Station in Tel-Aviv
Eliezer Fishman
Hashkaot Kedayot Ltd.
Tirzalit Ltd.
Fishman Family Properties Ltd.
Fishman Family Properties Management (1988) Ltd.
Inventech Central Hotels Ltd.
Maavar Ltd.
Alexion Pharmaceuticals Inc.
Echtman – Engineering corp. Ltd.
Work highlights
- Acting in bankruptcy proceedings of Mr. Eliezer Fishman, who was appointed as trustee, with debts summed up to circa NIS4bn to the Israeli banks, as a result of personal guarantees and tax debt.
- Acted for the Central Bus Station in Tel Aviv in a competitive process for the sale of the companies’ assets in consideration of a total amount of NIS320m.
- Representing the trustee of the creditors’ composition of Inventech Central Hotels LTD (in liquidation).
Israel > Competition/antitrust Tier 3
Ranging from compliance with antitrust law, antitrust filings and merger control issues to monopoly and abuse of dominant power issues, Shibolet & Co.’s antitrust and competition practice’s team is equipped to advise a wide spectrum of both domestic and international clients, notably from the food and beverage and defence sectors, on both contentious and non-contentious issues. Merger file applications specialist Gil Rosenberg chairs the department and is highly praised by clients as a ‘seasoned, extremely professional antitrust expert'.Practice head(s):
Gil Rosenberg
Other key lawyers:
Joseph Benkel
Testimonials
‘Gil Rosenberg is knowledgeable, professional, pleasant and creative.’
‘True professionals with vast experience, service orientation and understanding of the customer’s needs and constraints. Really enjoyed working with them and benefited from it. They are able to think out of the box and provide added value and innovative perspective.’
‘Gil Rosenberg stands out as a seasoned, extremely professional antitrust expert with vast knowledge of other legal aspects as well. It’s a real pleasure to work with him, both on a personal but also professional level.’
Key clients
Jafora-Tabori
Rafael Advanced Defence Systems
James Richardson Proprietary Limited
BIG Shopping Centers
Zamarot Hamarina Ltd.
ELECTRA Group
Uzan Brothers Construction Co. Ltd
Alon Group
P.S.D.S Enterprises Ltd. (KSP)
Packer Steel and Galvanizing Ltd.
Nuance Hearing Ltd.
Arad Group
Ifat Group
Israel Railways Ltd.(ISR)
Mifal HaPais – Israel National Lottery
Comsign Ltd.
Commercial Radio Stations Association
Nizat HaDuvdevan (“Cherry Bloom”)
IACIE – Israeli Association of Construction & Infrastructure Engineers
Israel Ports Developments & Assets Company
Keshet Broadcasting Ltd.
Camtek Ltd
Golan Heights Winery
Work highlights
- Represented Packer Steels and Galvanizing Ltd in obtaining the approval of the ICA (Israeli Competition Authority) for a NIS 200 million transaction wherein Yehuda Welded Mesh Ltd. acquired 100% of Packer’s shares.
- Represented “Wine Temple” Shaked-Golan ltd, a major distributor of wine and alcohol products before the Competition Tribunal in antitrust litigation proceedings versus Carmel Winery, concerning the scope of the right to reveal information provided during the ICA’s investigations.
- Represented Alon Group in obtaining the approval of the ICA (Israeli Competition Authority) for a NIS 160 million transaction wherein Albar Services Ltd. acquired the shares of Alon Group and its subsidiaries; and also prepared a Competition Law Compliance Program for Alon Group.
Dispute resolution > Dispute resolution: class actions (including derivative actions) Tier 3
Among Shibolet & Co.’s recent class action cases, the group handled a mix of securities, consumer protection, competition and environmental law-related matters. The team acts for an array of domestic and multinational companies in defending claims, while it also has experience in representing plaintiffs. Key contacts include joint dispute resolution heads Joseph Benkel and Hillel Ish-Shalom, as well as seasoned litigators Ofer Shapira and Shmuel Galinka.Practice head(s):
Joseph Benkel; Hillel Ish-Shalom; Shmuel Galinka; Ofer Shapira
Other key lawyers:
Chen Nusel; Nati Agmon
Testimonials
‘Joseph Benkel is a stand-out practitioner. His knowledge and experience of litigation across multiple jurisdictions is, to my knowledge, unparalleled. He sees the big picture, while understanding the significance of the details.’
‘Nati Agmon really cares about us and is driven by what is best for us.’
Key clients
Ceragon Networks
O.Y Mediquip
Budget Rent A Car Company
ARC Automotive
Mifal HaPais – the State of Israel’s Lottery
Hype customer management
WIZO (Women’s International Zionist Organization), NAAMAT and EMUNAH
Hub Cyber Security
Tadiran Group
General Motors
S. Schestowitz
Israel Railways
National Insurance Institute of Israel
Electra
Jafora Tabori
Albar Leasing (R.Z)
Amidar Israel National Housing Corporation For Immigrants
Berlitz (Israel)
Yandex Go
Icon Group and iDigital
L.D. Israel Auto Equipment (1990)
Work highlights
- Defended Ceragon Networks, and members of its board of directors, in a securities-based class action concerning allegations that the company and its officers issued false forward-looking statements prior to a stock offering.
- Represented ARC Automotive in a class action lawsuit revolving around the claim that ARC’s inflation mechanisms have a life-threatening defect in their production and design.
- Successfully represented WIZO, NA’AMAT, and Amona in a class action lawsuit pertaining to the organisations’ strike action in September 2021.
Dispute resolution > Dispute resolution: local litigation and arbitration Tier 3
With experience in litigating before all levels of court, Shibolet & Co. is well-versed across the full suite of commercial, civil, administrative, and white-collar cases. The group also frequently handles arbitration and mediation proceedings, including cross-border disputes. High-profile litigator Joseph Benkel ‘sees the big picture’ and leads on many of the department’s largest matters. Other key names are Hillel Ish-Shalom, who co-heads the practice alongside Benkel, as well as Ofer Shapira, Shmuel Galinka and Ofer Larisch.Practice head(s):
Joseph Benkel; Hillel Ish-Shalom; Shmuel Galinka; Ofer Shapira
Other key lawyers:
Dror Harpaz; Sharon Sufrin; Ofer Larisch; Eli Cohen; Nir Shamri; Elad Greiner
Testimonials
‘Joseph Benkel is a stand-out practitioner. His knowledge and experience of litigation across multiple jurisdictions is, to my knowledge, unparalleled. He sees the big picture, while understanding the significance of the details.’
‘Ofer Shapira is an excellent litigator.’
Key clients
The Teachers’ Investment Funds
Kerur Holdings Ja-Fora; Jafora Tabori
Sandlex
BettersSeeds
Dirot Yukra
Medent
Gold Bond Group
Yariv Gafni – The representative of a group of several dozen landowners from Ramat Hasharon
Avnon Holdings
James Richardson Proprietary
A.T.S Investments, Lusternik & Sons
Gualini
Arad Measuring Technologies
Aqua Maof Aquaculture Technologies
Shapir Engineering And Industry
Israel Garages Association
Dominion Global France. S.A.S.
M.G.M. (Meital) Import and Marketing|T.A.R. Ideal Concepts
Melodea
Danya Cebus
Work highlights
- Representing Betterseeds in litigation initiated by a shareholder in Ilan Bio, a company that invested in Betterseeds.
- Representing Sandlex, a company incorporated under the law of Gibraltar, in bringing a lawsuit against Spanish businessman, Mr Francis Jerome Perez.
- Representing Dirot Yukra in a $220m lawsuit against Migdal Insurance Company alleging breach of contract and bad faith behaviour.
Israel > Healthcare and life sciences Tier 3
Shibolet & Co.’s varied offering assists a broad client list, consisting of domestic incubators, academic institutions, and investment companies. Ofer Ben-Yehuda leads the team alongside Einat Weidberg. Ben-Yehuda is noted for his expansive transactional expertise, regularly assisting clients with venture capital financings, private placements, and strategic alliances. Weidberg regularly acts for both Israeli and overseas clients in mandates concerning cross-border M&A, public offerings, and corporate debt finance. Regulatory and crisis management specialist Amos Bentzur advises HMOs and both public and private healthcare systems on the full range of operational matters.Practice head(s):
Ofer Ben-Yehuda; Einat Weidberg
Other key lawyers:
Tal Karplus; Amos Bentzur; Daniel Kariv; Gal Shnaiberg
Testimonials
‘The office is characterised by the pleasant atmosphere of a team that works together for the benefit of the client. The firm employs lawyers who specialise in many fields, and thus provides a broad response, covering all required aspects.’
‘Tal Karplus has vast experience and knowledge in his areas of expertise. Karplus is very pleasant and approachable to his clients and also creates a cooperative working atmosphere with the opposite party.’
Key clients
Biontech SE
Lts Pharmaceutical Solutioms
Jiangsu Aiyimu Medtech Co., Ltd.
Second Skin
Dele Health Tech As
China-Israel Biological Technology Co., Ltd.
Noya Therapeutics Limited
American Ortho
Grindeks
Gilead Sciences Israel
Innovestgenetics Gmbh
Lexington Medical Inc
Pregnantech LTD
Chengdu Kanghong Pharmaceutical Co., Ltd.
OBCTCD 24 Ltd.
Pluristem Ltd.
Nobio Ltd
VUZE medical
CartiHeal (2009) Ltd.
The Trendlines Group Ltd.
Elron Electronic Industries Ltd.
Alon Medtech Ventures Ltd.
BeyeOnics Surgical Ltd.
OrthoSpin Ltd.
NovoCure (Israel) Ltd.
Technion Research and Development Foundation Ltd. and Technion Investment Opportunities Fund
Ancora Medical
ApiFix Ltd.
RDD Pharma Ltd.
Compugen Ltd.
DiA Imaging Analysis Ltd.
Ballet Vision Ltd.
Emulait Inc.
Clalit Health Services
Pi-Cardia Ltd.
Work highlights
- Represented Dia Imaging Analysis Ltd. in its acquisition by Koninklijke Philips N.V. for up to US$75m. The deal involved adjusting to the acquirer’s procedures while protecting the interests of the client and its securityholders, including publicly traded companies.
- Advising CartiHeal (2009) Ltd., a technology company, on clinical trials, commercial agreements, and complex strategic transactions. The firm advised the client on a put/call option transaction with Bioventus LLC, which faced funding difficulties, leading to an extensive amendment.
- Represented Floris Ben Shimon Ltd. and its shareholders in the sale of 100% of their shares to C.T.S. Ltd. for NIS 60M in an all-cash deal. The transaction involved a competitive bidding process, complex negotiations, and discussions with the Israel Competition Authority for regulatory consents.
Intellectual property > Intellectual property: disputes Tier 3
Shibolet & Co. regularly navigates complex cross-border intellectual property disputes for both Israeli and international clients. The department is led by commercial litigation expert Nati Agmon and includes cross-border litigation specialist Ofer Shapira and Tirza Less-Gross, whose litigation capabilities span IP disputes, most notably on trade secrets, as well as commercial litigation and civil dispute resolution.Practice head(s):
Tamir Afori
Other key lawyers:
Ofer Shapira; Tirza Less-Gross; Gilad Goldenberg
Key clients
HBO
Netflix
Holland and Knight LLP
GROHE AG
ComSign
Shiri Katz
Echo 99fm (radio station).
MEDITERRANEAN TOWERS LTD (TLV: MDTR)
CDS – Patent attorneys
Ganiel Beauty Care
Partner
Radio Galey Israel
Gigi Cosmetics
Jafora Tabori Ltd.
Association of wedding hall owners
Association of retirement homes
AGICOA
Keshet Broadcasting
Partner – operator of OTT television platform
Cellcom
Spotify
Schwartz-Arad Surgical Center
Golan Heights Winery and its subsidiary, Galil Mountains winery
Bazelet Pharma
Reichman University
Golan Plastic Products
Radio A-Shams
Klein, Koren, Cohen
Work highlights
- Represented Jafora Tabori, the SCHWEPPES brand holder in Israel, and secured a precedent-setting win in the Supreme Court.
- Represented Netflix in a lawsuit by Israeli performers’ group Eshkolot over royalties for their work on the OTT service.
- Represented IVC RESEARCH CENTER in a lawsuit with Haaretz over copyright.
Israel > Tax Tier 3
With significant expertise in cross-border matters, Shibolet & Co.’s tax group notably advises clients from the fintech and high-tech sectors on a range of contentious and advisory tax matters spanning M&A and corporate restructuring, international tax planning and VAT issues. Practice head Miri Bickel is noted for handling both civil and criminal tax disputes. The team also includes transactions specialist Ibrahim Atrash and Vered Meller, who focuses on real estate and general tax assessments.Practice head(s):
Miri Bickel
Other key lawyers:
Testimonials
‘Cutting-edge tax advice and structures.’
‘Miri Bickel – knowledgeable, creative, fast thinking and extremely efficient.’
Key clients
Ping Identity
ZECOPS ISRAEL LTD
PLSENSE LTD
Desktop Metal, Inc. (NYSE: DM)
Bancor
Hub Data Security Ltd
Rail Vision LTD
CartiHeal (2009) Ltd.
Vonage Apps
AdaSwap
DiA Imaging Analysis Ltd.
Work highlights
- Advised Ping Identity Corporation regarding the tax aspects of the acquisition agreement to buy Thoma Bravo, a leading software investment firm.
- Advised Desktop Metal on the $1.8bn merger and share exchange with Stratasys.
- Advised ZecOps, which has created a tool for analysing and implementing optimisation processes in the cyber-attack field, on an agreement for Jamf to purchase the company.
Israel > Telecoms and media Tier 3
Demonstrating its adept handling of compliance and commercial matters, Shibolet & Co.’s media and telecoms practice had strong recent showings in the licensing, regulatory and transactional areas. IP head Tamir Afori steers a team that acts for a diverse mix of domestic and multinational players, including Disney, Keshet Broadcasting and Cellcom.Practice head(s):
Tamir Afori
Other key lawyers:
Itay Kelner; Nati Agmon; Ofer Larish
Key clients
Disney
Warner Bros Discovery Eurosport
HBO
MPA
Triple C
Netflix
NBCUniversal
Spotify
Cellcom
Partner
Charlton
Keshet Broadcasting
Commercial Radio Stations: Radio Tel Aviv, Radio Haifa, Radio Darom, Radio Galey Israel, Radius, Radio Lev Hemedina, Radio Eco 99, Radio A-Shams
AGICOA
BIZPORTAL
HiSky
EGG productions
Work highlights
- Advised Triple C on various telecoms and media matters, including on its lawsuit against Bezeq.
- Advised HiSky on navigating the Wireless Telegraph Ordinance (New Version), 5732–1972, and related regulations.
- Represented Cellcom in its damages claim against Shikma NGN International Communications for violating laws and regulations.
Israel > Transport Tier 4
Shibolet & Co.’s transport practice is now led jointly by construction head Sharon Adler and energy and infrastructure partner David Magriso. The group is particularly weighted towards transport projects, where it acts for construction groups, transport companies and public-sector entities, but it also has significant aviation expertise. Former department co-head David Sprecher left the firm in 2022.Practice head(s):
Sharon Adler; David Magriso
Testimonials
‘Sharon Adler excels in all his fields of practice. Technically proficient and extremely knowledgeable about the market, he is the lawyer you want by your side when doing business in Israel.’
Key clients
ARC Automotive
Hainan Airlines Holding Co
Pro Sky France
Montpellier Business School
Gullivair
Shapir Civil and Marine Engineering
Terranova Tourism Marketing & Consultancy
Aharoni Shai
Wopy
American Airlines
Cariad
Silib
GT GetTaxi Services Israel
Israel Railways
Cfir Light Rail
Mobike Technology Israel
El Al Israel Airlines
Israel Ports Developments & Assets Company
Arkia Israeli Airlines
Albar Leasing (R.Z)
General Motors
Rail Vision
Well Vintage
FlyLux Airlines
Royal Air Maroc
Fly Dubai – Dubai Aviation Corporation
Air Caraibes Atlantique
S7 Airlines
Regourd Aviation – Fly Amelia
Chakratec
ASL Airlines France
Ashdod Port Company
Menolead Herut Systems
Cobra Instalaciones y Servicios, Enclavamientos y Señalización Ferroviaria Enyse
Ayalon Highways
SEMI
YSB Group
Oron Group
Deutsche Bahn Engineering & Consulting
Danya Cebus
COMSA Unipersonal
Work highlights
- Represented the EPC consortium (Danya Cebus, COMSA Unipersonal, Cobra Instalaciones y Servicios, and Enclavamientos y Señalización Ferroviaria Enyse) in its tender for the Haifa-Nazareth Light Rail Project.
- Represented El Al in negotiations with the Israeli Ministry of Finance to secure Covid 19-related state aid.
- Represented General Motors in a class action lawsuit relating to Takata airbag risks.
Shibolet & Co. > Firm Profile
Established in 1973, Shibolet & Co. is one of Israel’s largest and most distinguished full-service corporate law firms, building on a sterling legacy as it pioneers tailor-made legal solutions across evolving market sectors. The firm is widely regarded as a powerhouse for business-oriented legal service, expertise, and insight.
Shibolet utilizes a unique multidisciplinary methodology that presents the full spectrum of legal knowledge under one roof. Our highly qualified team of more than 270 full-time law practitioners offers comprehensive commercial-corporate law services,
The firm’s entrepreneurial DNA drives Shibolet activities. Our practices lead the way in identifying, researching, and mastering new legal solutions, offering added-value servicers to our clients, such as innovative business tools and business development solutions. We use Legal Tech solutions in our daily legal work for the benefit of our clients, emphasizing efficiency and accuracy. We offer new types of added value services like Shibolet ESG. Shibolet ESG was founded to help companies navigate the complexities of customer expectations and supplier requirements related to diverse social and environmental matters. Our clients benefit from the finest consulting services through a holistic approach that builds on Shibolet’s compliance-related legal expertise and a complementary “beyond compliance” solution.
Number of partners: 98
The number of lawyers: 253
Languages: Hebrew, English, Arabic, French, Spanish, Russian, Italian, German, Rumanian, Hungarian.
Main Areas of Practice:
Antitrust/Competition
Banking & Financial Institutions
Cybersecurity Energy, Oil & Gas
Environment, Clean Tech & Climate Change
FinTech
Infrastructure, Project Financing & Government Bids
Intellectual Property
Labour & Employment
Life Sciences
Litigation
M&A Corporate & Commercial
Municipal Law
Real Estate
Securities & Capital Markets
Strategic Licensing
Tax
Telecommunications, Media & Internet
M&A, Corporate & Commercial: Shibolet’s corporate and commercial practice serves clients from all over the world. Most of the firm’s business is conducted in English, with legal advice provided in the sale and acquisition of businesses and assets. The firm has extensive experience in M&A and private equity, transactional work, counseling and negotiating foreign and local clients, as well as private equity and other investments.
High-Tech & VC: Shibolet’s high-tech and VC practices are among the top practices in the country. The firm participated in establishing some of Israel’s leading VC Funds and accompanies both domestic and foreign funds in investments and due diligence processes. The firm represents both promising start-ups and many leading high-tech companies and multi-nationals doing business in Israel. Shibolet’s high-tech practice group publishes a unique survey for professionals interested in Israel’s VC scene, which is considered cutting edge in the field of venture funding.
Litigation: Shibolet’s experienced litigators represent foreign and domestic clients before all courts and tribunals, including arbitration and mediation. The firm represents many foreign companies involved in litigation in Israel, both as plaintiffs and defendants. Services include enforcement of judgments against government bodies concerning regulatory and other issues. Shibolet’s experts handle bankruptcies, receiverships and ‘Chapter 11’ like measures, representing leading financial institutions and others.
Infrastructure, Project Financing & Government Bids: The firm advises clients on infrastructure projects, project financing, and bids, both in Israel and abroad. Shibolet is involved in establishing private energy projects, including gas-fired, hydroelectric, and renewable energy (photovoltaic, concentrated solar power, and wind energy) power plants in Israel and abroad.
Securities & Capital Markets: Shibolet’s strong securities practice has been involved in many Israeli public offerings on the TASE and on NASDAQ, as well as offerings of companies whose shares are dually-listed on the Tel Aviv Stock Exchange and NASDAQ. Shibolet has served as counsel to underwriters and issuers on various offerings in Israel and abroad. Shibolet advises clients on regulatory and other legal matters concerning publicly traded companies.
Tax: The firm’s top-level tax department has vast expertise regarding domestic and international tax issues, including tax planning and tax rulings.
Banking & Financial Institutions: Clients include Israeli and foreign banks and other financial institutions, as well as clients seeking financing from the banks and other financial institutions operating in Israel. The firm provides legal services in banking, financing, regulatory issues, formation of banking institutions, branches, and representative offices. Shibolet serves as legal advisor to the Association of Foreign Banks in Israel.
Environment, Cleantech & Climate Change: As a pioneer in this field, Shibolet represents alternative energy projects, both in Israel and abroad. Shibolet has been involved in significant litigation, representing plaintiffs in class actions against entities failing to comply with the environmental codes and entities accused of criminal offenses for purportedly infringing upon environmental laws.
Energy: A pioneer in the field, Shibolet established Israel’s first private power plant. The firm is involved in many projects worldwide in renewable and conventional energy, including project financing. The firm specialises in both renewable and conventional energy.
Oil & Gas: The firm has vast practical experience in all aspects of exploration and production of oil and gas, having represented numerous international groups that explored hydrocarbons in Israel. The firm has now begun a concentrated effort on behalf of an Israeli group to seek exploration concessions in several jurisdictions worldwide.
Antitrust/Competition: The firm’s team advises clients on a complete range of antitrust, competition, regulatory, and trade issues, including merger control, licensing and distribution, franchises, and restrictive practices, which permeates all aspects of the firm’s business practice. The team works in conjunction with the firm’s clients to proactively structure transactions to align the client’s business objectives with legal antitrust constraints.
Real Estate: The firm has a wealth of experience in residential and commercial real estate transactions for Israeli and foreign clients and represents some of Israel’s largest building companies. The real estate practice group has extensive expertise in town-planning, taxation, accompanying acquisition groups, representing developers, and litigation.
Municipal Law: The firm represents local authorities, water and sewage corporations, and other municipal corporations in various legal Issues, including real estate, infrastructure, large scale public tenders, and innovative projects.
Labour & Employment: The firm’s experienced team provides ongoing legal advice to management on a wide range of employment related issues, including labour and employment aspects of complex M&A transactions, APAs, and IPOs, as well as drafting, reviewing, and interpreting collective and individual employment agreements and human resources policies. The firm has prepared and implemented many ESOP plans, both for Israeli companies and international companies with Israeli subsidiaries
Telecommunications, Media & Internet: The practice is among the leaders in this field in Israel, representing global and Israeli companies, including major Internet portals, cable and satellite companies, and media owners. Transactions have included some of the most complex M&A cases in Israel.
Life Sciences: Shibolet advises healthcare and life sciences, clients, from incorporation through exits and beyond, assisting them as they take their new ideas through product development challenges, patent approvals, clinical studies, and regulatory endorsement. The team draws upon dozens of years of cumulative experience and holds superlative expertise in the life sciences sector. The roster of clients served by Shibolet is deeply entrenched in this sector. It includes the most prestige Israeli academics, filed specialised venture capital funds, most promising emerging companies, and leading mature biotech companies.
Pro Bono Activities: The firm places great emphasis on assisting non-profit organizations. Shibolet provides pro bono legal services to The Israel Spirit, A Different Lesson (Shiur Acher), Symphonette Ra’anana Orchestra, the Ramat Hadassah, and Kiryat Yearim Youth Villages, Keren Shemesh, as well as other NGOs. Shibolet’s partners serve on the boards of several non-profit organisations, such as Hillel Israel and DocAviv.
Client Testimonials
CLIENT : BIG SHOPPING CENTERS LTD
COMPANY/FIRM: BIG Shopping Centers LTD / Shibolet & Co. law firm
TESTIMONIAL: As one of the largest real estate companies in Israel, it was important for our team to be represented by one of the strongest legal professionals that would lead our high scale contracts to the absolute best results. Shibolet law firm helped us with our transactions and exceeded our expectations. With intensive negotiations and a challenging merger, Shibolet proved to be an expert in this competitive market. Gil Rosenberg’s thoughtful and competent services in the Competition department successfully merged our biggest transaction and definitely gained our company’s trust for any future endeavours.
CLIENT:– PRYTEK
COMPANY/FIRM: Shibolet & Co. law firm
TESTIMONIAL: We work with Shibolet on all matters related to the company’s legal operation in Israel, including VC investments, financing, M&A, commercial engagements, corporate governance, etc. Shibolet represented Prytek in a transaction with the Israeli Fintech company Tipranks and in an investment and share purchase transaction with HackerU Global. In both transactions, which included highly complex legal mechanisms, the terrific team, headed by the Lior Aviram, has presented counsel of the highest standards, combining superb professionalism, innovative and problem-solving approaches and business-minded strategies. Lior Aviram stands out for his strategic thinking and holistic approach.
CLIENT: VATBOX LTD
COMPANY/FIRM: Shibolet & Co. law firm
TESTIMONIAL: The Shibolet team is an inseparable part of VATBOX’s current operations, working exclusively on our company’s legal matters. The members of the legal team represented our interests in the most professional manner. In addition to their great legal advisory, Shibolet’s team led our company to outstanding achievements. Along with their excellent services that put an emphasis on attention to details and responsiveness, Shibolet’s team handled our labor law case, regulations, privacy and security with great expertise, covering almost all aspects of VATBOX’s legal operations. We have previously worked with various large Israeli firms, as well as international firms, without a doubt Shibolet’s team, led by Partner Gadi Ouzan, is one of the best legal team we have been working with. CLIENT: AXILION
COMPANY/FIRM: Shibolet & Co. law firm
TESTIMONIAL: Shibolet provided legal counsel for the public company matters, board meetings, legal opinions, stock market reporting, assisted us in a reverse merger and listing on the Tel-Aviv stock exchange, and supported all our commercial and HR including in Israel and our global operations. The work of a software and AI company with multiple teams and jurisdictions is very complex, especially for a technology company traded on the Tel-Aviv stock exchange. As a cross-border business operating in the US, Europe and the middle east (UAE) with software and hardware , Shibolet’s international capabilities were exceptionally professional, addressed in a timely manner and with a strong and wide network of legal partners that can assist with regulatory, HR, commercial, licensing and many other aspects of the business. Their coordination capabilities were also extremely valuable to us and our business partners.
CLIENT: JAFORA TABORI
COMPANY/FIRM: / Shibolet & Co. law firm
TESTIMONIAL: The team of the Intellectual Property practice, has remarkable business and legal , knowledge. We are impressed that the team always cooperates and synchronises well with our team – they share and contribute their knowledge and experience, to ensure the best outcome. In addition, and equally important, the members of the Shibolet’s team support each other, and any one of them can fill in for the other, offering a unified front. The team provides in-depth experience and efficiency every time. Tamir Afori is very knowledgeable and professional. His knowledge of trademark law, as reflected in the written arguments before the supreme court, is highly academic and well crafted. Hillel Ish-Shalom is an excellent litigator who builds a great strategy and can identify unexpected obstacles long before they surface.
Diversity
Commitment to the community is a central pillar within the overall Shibolet philosophy, comprising not only our longstanding support for social and environmental causes but also our professional and ethical obligations to clients and staff alike.
We view pro bono services as integral to the work of any modern law firm, and are proud to advise a number of noteworthy non-profit organizations:
- Shiur Acher – brings leading professionals (such as lawyers, accountants, doctors, and engineers) into public schools to serve as valuable role models for underprivileged children. Shibolet’s attorneys generously contribute their time and resources to this volunteer program and partner Gadi Ouzan serves as its pro bono legal counsel.
- Raanana Symphinete Orchestra – a unique orchestra was founded in 1991 to bring together talented musicians from the former Soviet Union, and has since risen to become a huge international success. Shibolet partner Yaacov Yisraeli was instrumental in the orchestra’s formation and continues to be actively involved as its chairman.
- Safe@Home – a joint community for technology professionals and security/government agencies willing to look at the problem with advanced “out of the box” with the vision of “zero women killed per year”.
- Ramat Hadassah Youth Village and Kiryat Yearim –provide schooling, cultural activities, and emotional support to at-risk children. In addition to Shibolet’s pro bono legal services, founding partner Richard M. Roberts also serves as secretary of the Kiryat Yearim and Ramat Hadassah board of directors.
- House of Wheels – The association’s programs serve over 500 children and adults with impaired mobility.
- Gvahim –fostering business and career success for new immigrants.
- Keren Shemesh – aims to assist and support talented young Israeli entrepreneurs establishing their first business.
- The Spirit of Israel – promotes social activism, reduces socioeconomic gaps, and provides vital solutions for at-risk children.
Diversity
As an international law firm that provides services to clients all over the world and operates from Israel, Shibolet & Co. is committed to the society and the business ecosystem in which it acts and prioritizes all forms of diversity and inclusion:
- Shibolet has joined a forum comprised of female partners from the top 20 law firms in Israel, dedicated to empowering leading female lawyers in the industry. Einat Weidberg, a member of the management committee, led a conference dedicated to female empowerment for the forum members.
- We carried out a merger with the Nazareth law firm, Nedal Awawdi & Co.. We thus established Shibolet’s Nazareth branch, making us the first large law firm in Israel to open an office in the Arab society. Shibolet’s Nazareth branch is comprised of talented partners and associates (of both genders), from within the Arab society, understanding the local needs of our clients and working for the benefit of the Arab Sector.
- Shibolet & Co support team members over the age of retirement and provide them with full benefits of the office services supporting their activities in the areas of projects & energy, infrastructure, pro-bono cases for impact organizations
Focus On
The Startup Nation: High Tech in Israel
The fast and phenomenal success of Israeli high-tech starting in the early 2000s earned the country the moniker “startup nation.”
And it has retained its fame over the past two decades for hosting the most tech companies per capita, investing more GDP (5%) in R&D than any other country, and attracting more per capita startup investments than any nation besides Singapore.
According to the Israel Innovation Authority, Israel ranks first in the world for percentage of GDP from high-tech industries (15%) and percentage of the workforce in high-tech (10%).
Since 2021, Israeli high-tech products – primarily fintech, cybersecurity, and communications software – have accounted for approximately half of total national exports.
Even during the stormy years of the pandemic, mega-rounds of $100 million-plus and valuations of $1 billion-plus were commonplace occurrences.
At Shibolet, we have identified five main trends emerging in Israel’s high-tech ecosystem beginning in the second half of 2022.
1. Financing rounds, which form the basis for the entire ecosystem, have declined in number.
“It is much harder for startups to raise funds, especially seed and A rounds, and it takes longer,” says Ofer Ben-Yehuda, Head of Shibolet’s High Tech Practice and a member of the firm’s Executive Committee. “If it used to take between three and six months, now it takes between six and 12 months to secure funding.”
Start-Up Nation Central reported that in 2022, Israeli high-tech companies received $15.5 billion in VC investments. Though this was the second highest amount in history, it couldn’t match 2021’s astronomically high total of $27 billion.
IVC Research Center data shows that the largest investments reported in 2022 occurred in the first half: A $550 million Series E round for IT and enterprise software security maker Fireblocks in January, a $400 million Series D for industrial-tech startup Veev in March, and a $600 million Series A in life-sciences company Ultima Genomics in June.
Capital raised in deals over $50 million continued to make up the majority of Israeli high-tech’s annual capital in 2022. Mega deals over $100 million, though much less significant overall than in 2021, accounted for almost 40% of the total capital.
Notably, seed investments in Israeli startups grew by 22% in 2022 compared to 2021, from $1.3 billion to $1.6 billion. Between 2019 and 2022, the average number of investors in each seed round nearly doubled. At the other end of the spectrum, the amount of money invested in revenue growth companies in 2022 ($8.1 billion) was more than four times higher than in 2016.
Looking at Q4 of 2022, while fundraising declined, its pace was in line with 2019 quarterly averages: 124 deals with $1,948 million in capital investments.
In terms of venture funding, across the world there was a 35% decline from a record 2021, with a total of $415.1 billion in 2022. VC-backed deals in Israel over 2022 declined even more, 41%, from capital amounts in 2021. Still, per-capita VC investment in Israel ($1,686) far surpassed that of the second-place country, the United States ($584). The OurCrowd, Viola, and Pitango VC funds were the most active Israeli investors in 2022.
Number of deals
The number of investment deals during 2022 totaled 826, compared with 2021’s reported total of 1,103 deals.
While Israeli enterprise software companies saw the lion’s share of investment activity (162 deals), the life sciences/health-tech subsector was close behind with 159 deals.
Security tech, including cybersecurity, clocked 122 deals; agri-food tech and water 87; fintech 71; retail and marketing 56; content and media 54;, industrial tech 49; smart mobility 31; energy tech 23; and aerospace/aviation 11.
The agri-food tech subsector alone remained stable in the number of deals and total amount raised in 2021 and 2022.
2. Dropping valuations provide opportunities for strategic investors to acquire companies that are a good fit for them.
Related to the last point, Ben-Yehuda also noted a lot of M&A activity in agri-food tech as well as climate-tech and healthcare-tech subsectors.
In the last six months, the number of M&As handled at Shibolet’s high-tech practice has doubled. Although these are small or midsize transactions of between $70 million and $300 million, the more affordable price tag has brought new opportunities for strategic investors to make acquisitions.
“We see a lot of M&As – some of them distress M&As — in which the strategic partners have become a massive power,” Ben-Yehuda says. “Two or three years ago, when valuations were much higher, strategic partners could not purchase the companies and we saw more acquisitions by financial players like private equity funds. All around the world, I think we’ll see more and more acquisitions and other joint ventures among multinationals in Israeli startups.”
In comparison to the previous year, 2022 saw a 45% dip in first-time M&As and a 40% decrease in their overall sum. Israeli companies posted 89 mergers and acquisitions in 2022, slightly less than the multi-year trend, in addition to 17 IPOs and SPACs. Only four tech public offerings took place in the Tel Aviv Stock Exchange in 2022, compared with 48 IPOs in 2021.
The highest-value M&As were Tower Semiconductor’s acquisition by Intel ($5.4 billion) and ironSource’s acquisition by Unity ($4.4 billion). Intel also bought Granulate for $650 million. All of these took place in the first half of the year.
Whereas two additional Israeli high-tech companies achieved a valuation of $1 billion or more in Q4/2022, this brought the total number of new unicorns for the year to 23 – much less than the 42 new unicorns in 2021 but still surpassing all other previous years. However, capital raising among existing unicorns fell sharply closer to the year’s end.
3. Startups that had successful IPOs in the last couple of years are now struggling to secure additional funds.
“Two years ago, there was a boom on the Tel Aviv Stock Exchange. At Shibolet we had about 30 IPOs of companies with zero revenues that were still in the R&D stage, and they were successful IPOs that raised money,” says Ben-Yehuda.
“But now a lot of those companies are struggling to secure additional funds because there is no liquidity in the market and they are too small with respect to the market cap for insurance companies, banks and other institutional investors, so it’s very hard for those shares to be traded. Since there are still no revenues and a long way to go to get to the break-even point, some of these companies will not have sufficient funds to continue operations, and I suspect some will become shells.”
The possibilities of what may happen next range from reverse mergers of other startups into these struggling companies, to some unknown trigger that will reopen the spigot and return the flow of fundraising to previous levels.
4. Changes specific to Israeli high-tech startups
While many of the downward trends we have been seeing in Israeli fundraising amounts, number of deals, valuations, and VC investment are also occurring in other major high-tech hubs such as Silicon Valley and Boston, some resulting shifts are unique to the Israeli sector.
One change is that, for the first time, we see Israeli companies seeking synergies with other Israeli companies by way of acquisition, joint ventures, or partnerships.
5. Big money is on hold
In the second half of 2022, the Israeli ecosystem started feeling the effects of the worldwide economic slowdown, fewer investment dollars, and significant layoffs. We saw a decline in the number and value of deals, fewer exits, and sharp devaluations of publicly traded tech companies.
So far, 2023 has brought additional unwelcome surprises including the failure of Silicon Valley Bank, in which many Israeli startups had stashed their cash. While all money deposited there was secured by the US government, the crisis has created a lack of certainty with respect to venture investors in Israeli companies.
As we begin 2023, IVC counts 9,445 high-tech companies in Israel, 91 with unicorn status.
IVC’s Q1/2023 report shows Israeli high-tech companies raised $1.72 billion in 105 deals, including three mega-deals that contributed 38% of the overall amounts. The outcome was a 70% drop from Q1/2022 and 79% from the peak in Q4/2021.
The quarterly report also showed seed deal amounts dropped 50% in Q1/2023 compared to Q1/2022, and just 23 exits (21 M&As and 2 IPOs) completed in Q1/2023.
The report concluded: “For now at least, the big money for Israeli tech is on hold.”
Significant subsectors
Below are snapshots of significant subsectors in Israel’s high-tech ecosystem, using data from Start-Up Nation Central, Israel Advanced Technology Industries, the Israel Ministry of Economy and Industry, and the Israel Securities Authority.
Health-tech and life sciences is the largest subsector, with roughly 1,700 active companies accounting for $5.2 million in exports in 2021 – in addition to technology hubs and R&D centers of multinational corporations such as Boston Scientific, Abbott, AstraZeneca, and Johnson & Johnson.
The COVID-19 pandemic advanced this field as the world sought real-time solutions for pressing needs. Because Israel’s nationalized HMO system has been keeping digitalized healthcare records for the last 25 years, Israel is a prime validation site for health-tech companies worldwide.
Climate-tech companies, a broad category addressing specific aspects of factors involved in climate change, includes some 850 firms in six categories: energy transition, carbon tech, transportation and logistics, industrial tech, food and land use, and water technology.
Cybersecurity companies in Israel numbered 676 as of late 2022. Over the past year, 20 Israeli cyber companies were involved in M&As, the largest of which were Liberty Strategic Capital’s buyout of Zimperium for $525 million and Claroty’s acquisition of Medigate for $400 million.
Fintech companies operating in Israel numbered about 550 as of July 2022. Singapore is the only country with a higher ratio of fintech firms to population. The largest percentage (29%) specialize in payment and settlement solutions. Risk analysis, insure-tech and commerce solution providers each account for 13% of the total. In 2022, Israeli fintech firms raised about $2.7 billion. Currently, 20 fintech companies incorporated in Israel are valued at $1 billion or more.
The agri-tech subsector has always been strong, encompassing industry leaders such as Netafim, which has revolutionized drip irrigation. More than 300 agri-tech companies operate in the areas of agricultural biotechnology, animal agriculture, novel farming systems, precision agriculture, robotics and farm systems, and supply chain optimization.
Food-tech, increasingly grouped with agri-tech, numbers about 200 startups cooking up alternative proteins – such as cultivated meat, fish and dairy as well as analogs made from chickpeas, algae, mushrooms, yeast and more – in addition to novel “clean-label” ingredients, health and wellness formulations, and advanced food packaging materials.
Automotive technologies have become an Israeli specialty, with more than 400 startups. Intel and Google have acquired Israeli startups as part of their global automotive strategies, and carmakers including Ford, BMW, Porsche, Volkswagen, Volvo, and Hyundai have invested in Israeli startups.
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