010 was a year that bridged the years of crisis and the return to growth. Holding and investment companies returned to raising capital and offerings after two years of slowing down the raising debt. Among the notable changes that occurred among the large holding companies, were major telecom deals: the acquisitions of 012 and Partner, and expansion of control of Bezeq to 50% by Eurocom Group, and the acquisition of the small investors' holdings in yes. Harel-Hamburger Group expanded its activities in infrastructures and Lev Leviev significantly reduced his holdings in Africa-Israel as part of a bondholders' settlement, while realizing notable holdings.
2010 will be remembered as a dramatic year for the Tshuva Group. The Group which has a stake in the Leviathan and Tamar fields through Delek Drilling and Avner, received official confirmation in 2010 of gas reserves of 16 TCF in Leviathan, the largest deep water drilling global gas find in the past decade. D&B found that Delek Drilling's market cap grew from NIS 5 billion at the start of 2010 to NIS 7.8 billion on the day the Leviathan gas find was confirmed. We believe that the growth in the market cap of all the partners in the drilling – Delek Drilling, Avner and Ratio – will continue at a fast rate and will significantly influence the Israeli economy in terms of capital and the types of industries in it. Other notable events included Azrieli Group's IPO, one of the largest ever on the TASE. The company raised NIS 2.5 billion at a company value of NIS 10.7 billion. Prior to the IPO, Azrieli was one of Israel's largest private companies.
Looking at holdings of the largest groups in Israel's leading indices before and after the crisis it was found that; at the end of 2007, the main stock market holdings of Israel's large groups were worth NIS 410 billion, or 82% of the Tel Aviv 25 Index of the market's largest 25 firms; at the end of 2008, at the height of the crisis, the market cap of the same groups fell to 57% of the value of the Tel Aviv 25 (down to NIS 308 billion); At the end of 2010, the holdings were worth NIS 395 billion – 75% of the Tel Aviv 25, and 57% of the Tel Aviv 100.