Africa Israel Investments is poised to sell its 50% stake in the Gottex swimwear business for US$50m, according to reports.

According to Reuters, the Israel-based conglomerate will receive $42m initially, with the rest of the payments phased over a four-year period, from the unnamed foreign buyers, who already hold the remaining 50% of the Gottex company.

As well as designing swimwear and beachwear under the Gottex Models and Christina America labels, Gottex also markets Zara, Pull and Bear and Massimo Dutti in Israel, under licence from Inditex.

Africa Israel Investments chief executive Izzy Cohen told Reuters the swimwear business was not a core activity for the Africa Israel group, which has interests in property, energy and media.

The Gottex sale is subject to closing conditions. Nobody from Gottex or Africa Israel Investments was available for comment.