July 5, 2016 / 9:17 AM / 2 years ago

Israeli tech exits at $3.3 billion in 1st half of 2016

JERUSALEM (Reuters) - Israeli high-tech firms recorded exits totaling $3.3 billion in the first half of 2016 and are on track to be close to the $7.4 billion from all of 2015, a survey showed on Tuesday.

The average exit of the 45 deals was $74 million, according to the IVC Research Center and law firm Meitar Liquornik, which noted that there was a drop in the number of deals in the January-June period due to global decline in capital raising, particularly in the United States and China.

There were another four private equity buyouts accounting for $878 million and one initial public offering that raised $5.9 million.

The largest deals were the $811 million acquisition of EZchip by Mellanox and the $643 million private equity buyout of Xura.

The survey noted that by the end of 2016, at least 100 exit deals worth $7 billion will have closed, 13 percent below the proceeds generated by 111 deals in 2015.

Reporting by Steven Scheer

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