Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, announced today that it had signed an agreement for the sale of its entire stake in British company Roadchef, which runs 28 service areas on UK motorways, to Antin Infrastructure Partners, a European infrastructures fund, for 153 million pounds cash (about NIS 900 million). The deal is due to close by the end of this month.
Delek Group will post a NIS 220 million gain on the sale.
Four years ago, Delek Group bought 75% of Roadchef from the troubled Delek Real Estate, at a price that valued Roadchef at 115 million pounds. "In retrospect," a market source said after the deal, "this was a good deal for Delek Group, and not so good for the minority shareholders in Delek Real Estate, and perhaps even wronged them."
Delek Group CEO Asaf Bartfeld said today "The sale of Roadchef continues Delek Group's strategy of focusing on its energy business."
Delek Group has also announced that at the weekend it received the second payment, NIS 420 million, for the sale of its holding in Delek Europe, a year before the original due date. An identical sum was paid to Delek Group ten days ago, at the closing of the deal for the sale of its Delek Europe stake for a total of NIS 1.7 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on September 14, 2014
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