TEL AVIV, Jan 28 (Reuters) - Israeli conglomerate Africa Israel Investments (AFIL01.TA) said on Wednesday it signed a memorandum of understanding to sell its 50 percent stake in the Gottex swimwear venture to its partners for $50 million.
Africa Israel said it would receive $42 million up front and the rest over four years, if Gottex makes profits, from the foreign buyers, who already own the other half of Gottex.
Africa Israel will post a pretax gain of 90 million shekels ($22.4 million) from the sale.
Gottex designs beachwear in Israel and abroad through Gottex Models Ltd and Christina America Inc. It also markets clothing brands Zara, Pull and Bear and Massimo Dutti in Israel under licence from Spain's Inditex SA (ITX.MC).
