Sunday September 30, 4:26 am Eastern Time

Israel's Formula in deal to buy 37 pct of Liraz

TEL AVIV, Sept 30 (Reuters) - Israeli software firm Formula Systems (NasdaqNM: FORTY - news) said on Sunday it would pay Discount Investments Corp $5.6 million for 37 percent of the shares of Liraz Systems .

Under the terms of the agreement, Formula has the right under certain conditions and subject to the applicable law to buy additional shares, Formula said in a statement to the Tel Aviv Stock Exchange.

Formula's Tel Aviv-traded shares were up 3.3 percent at 0815 GMT and Discount Investments was up 1.7 percent, while Liraz's share price was unchanged.