IDB Development Corp. Ltd. said Sunday it has agreed to sell 49.9% of its 60.5% stake in Clal Industries and Investments Ltd. (CII.TV) to Access Industries in an all-cash deal that values all of CII at $665 million.

Under terms of the deal, IDB will receive 16.19 Israeli shekels ($4.23) per share in cash and is a 15.6% premium based on a three-month average closing price for the shares.

After the closing of the deal, current CII Co-Chief Executive Avi Fischer will serve as CII's executive chairman.

CII is a leading Israeli investment company with investments in various industries. Access Industries is a privately held industrial group based in the U.S.