B. Gaon Holding to sell stake in Ahava for $77m

Israeli holding company B. Gaon Holding is to sell its 16% stake in cosmetics manufacturer Ahava for $77m.

The Israeli firm expects the agreement to be signed in a few days.

Although the name of the buyer has not been disclosed officially, a source familiar with matter told Reuters that it was expected to be China’s Fosun International.

Ahava makes skincare products from minerals extracted from the Dead Sea at a facility located in the Israeli-occupied West Bank.

It has been facing the protests from of pro-Palestinian groups, as well as international boycott of its products. It may shift its plant from the West Bank.

In February, Fosun opted out of a plan to purchase a controlling interest in Israeli insurer Phoenix Holdings after conditions for the deal were not achieved.

The Ahava transaction would be the latest for the Chinese firm, which is scouting for acquisitions.