Delek Group sells 70% Delek Israel stake

Yitzhak Tshuva  / Photo: Gidon Levin

The buyers are real estate company Lahav LR and Uri Mantzur

Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, has agreed the sale of 70% of fuel stations company Delek Israel to Lahav LR Real Estate Ltd. (TASE: LAHAV) and Uri Mantzur for NIS 525 million cash. The deal vales Delek Israel at NIS 750 million (after the company's recent NIS 150 million dividend distribution.

Lahav LR is controlled by Avraham Levy, formerly CEO of Melisron Ltd. (TASE: MLSR). The proceed of the sale will enable Delek Group to repay the balance of its debt to the banks and to release its 40% holding in energy exploration partnership Delek Drilling from the lien held by its bondholders, to whom Delek Group owes nearly NIS 6 billion.

The current deal comes after several previous deals for the sale of shares in Delek Israel fell through.

Published by Globes, Israel business news - en.globes.co.il - on October 18, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Yitzhak Tshuva  / Photo: Gidon Levin
Yitzhak Tshuva / Photo: Gidon Levin
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