Kushner’s Affinity Gets Nod to Double Stake in Israel’s Phoenix

Jared Kushner’s Affinity Partners received the green-light from Israeli regulators to double its stake in Phoenix Financial Ltd., an approval that allows the Saudi-backed investment firm to proceed with a lucrative deal.

Affinity can buy an additional 4.95% stake in the financial services firm from Centerbridge Partners and Gallatin Point Capitalat 37.5 shekels ($10.3) a share, a spokesperson for Israel’s Capital Market, Insurance and Safety Authority told Bloomberg News.

Phoenix’s share price has surged over 50% to around 58.5 shekels apiece since mid-July, when the Miami-based firm announced the $128.5 million deal to buy an identical ...