Delek sells 30% IDE stake for NIS 530m

Yitzhak Tshuva  photo: Gil Yohanan

The buyer Alfa Partners already has a 50% stake in IDE and manages the company's operations.

Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, notified the Tel Aviv Stock Exchange (TASE) this morning that it has signed an agreement to sell a 30% stake in desalination company IDE Technologies for NIS 530 million. The buyer Alfa Partners already has a 50% stake in IDE and manages the company's operations.

The deal reflects a company valuation of NIS 2 billion and payment will be part in cash and partly through a dividend distributed by IDE. The deal is due to be completed in the first half of 2019 and is subject to regulatory approval. After completion of the deal, Delek will retain a 20% stake in IDE."

Delek said, "Sale of Delek Group's holdings in IDE is an additional step in the Group's strategy to focus on domestic and international energy in order to become a leading player in the international energy market."

Delek was represented in the deal by Advs. Yaniv Aronowich and Michael Etingen of Tadmor & Co. Yuval Levy & Co.

Published by Globes, Israel business news - en.globes.co.il - on January 2, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Yitzhak Tshuva  photo: Gil Yohanan
Yitzhak Tshuva photo: Gil Yohanan
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