Belgian synthetic diamond company Fenix has agreed to acquire Israel’s Lusix for $4 million. This development follows the withdrawal of a Japanese bidder, as reported by Israeli newspaper Calcalist.
EDP, which had previously offered $2.6 million for Lusix, backed out due to the escalating conflict in the region. The company also recognized that the highest bid would ultimately prevail. After EDP’s withdrawal, both Fenix and PD Holdings entered the competition with offers of $4 million.
Although both proposals matched in price, they differed in terms of employment commitments and payment schedules. Judge Irit Weinberg Nutovitz of the Central District Court in Lod noted these differences, according to the report.
Fenix’s offer received backing from Lusix employees, the Commissioner of Insolvency Proceedings, and creditors holding assets leased to Lusix. The company has pledged to retain 13 employees for at least one year and an additional 10 for a minimum of three months.
Fenix has ties to Antwerp-based natural diamond company Diarough. Rapaport News has reached out for comments from both Fenix and PD Holdings but has yet to receive a response.
Lusix’s chief technology officer, Yossi Yayon, confirmed the court’s decision to Rapaport News but declined to provide further comments.
Founded in 2016 by Israeli entrepreneur Benny Landa, Lusix raised over $150 million from investors, including LVMH Luxury Ventures. However, a decline in synthetic diamond prices put the company under financial strain. In August, Lusix sought protection from creditors after accumulating debts of $28 million.
JCK first reported Fenix’s interest in acquiring Lusix last month.
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