Amdocs Partners With Businessman George Horesh To Build $350M Campus

December 11, 2017 | Israeli communications customer experience provider Amdocs is teaming up with Union Motors owner/founder George Horesh to buy back land from Teva Pharmaceutical Industries in Ra’anana in order to build a new Amdocs campus. Horesh sold the land to Teva two and a half years ago. Amdocs made the decision last September and on December 6, it announced it had signed a partnership agreement with the Union group in order to get the land back. The purchase of the land and construction of the campus is predicted to reach $350 million over 4-5 years, and Amdocs will finance the purchase. The land that will be purchased in the northern Ra’anana industrial zone is part of a giant area purchased by Horesh from Comverse in 2010. Teva then bought the land back in 2015 in order to build a new campus there but wound up in debt after the acquisition of Actavis for $34.7 billion at the end of the third quarter. In the end, Horesh has decided to exercise his refusal rights to buy it back. The deal will happen in the near the future, Globes reports. George Horesh is the owner and founder of Union Motors, the Toyota distributor in Israel and Lex Motors, the Lexus distributor in Israel. According to Globes, he also has holdings in real estate, energy, and technology. Amdocs was founded in 1982 but has been in its current offices since 1996. It recently extended its lease by 10 years but has an escape clause upon five years notice. The escape clause is valid until June 2022.