Shufersal
ShufersalFlash 90

Israel's "Shufersal" supermarket chain has announced it will by "New Pharm" for 130 million NIS ($35,607,073).

New Pharm is a private company owned by the "Mashbir 365" company, which also owns the "Hamashbir Lazarchan" department store chain.

In the announcement, Shufersal said the chains were waiting for the government approval required for the deal to go through.

If approval is not received within three months, the agreement will be nullified, unless an extension is agreed upon by both sides.

New Pharm has changed hands several times since it was founded in 1992. Previous owners included the Borowitz family, the Co-op Tzafon chain, Habas Investments, and the founding Clal Insurance Company.