Delek closes 9.8% Phoenix stake SWAP sale early

Yitzhak Tshuva  / Photo: Einat Levron , Globes

Delek received NIS 82 million cash in the deal but lost out by completing SWAP deals ahead of schedule.

Delek Group Ltd. (TASE: DLEKG) has sold a 9.8% stake in The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) in SWAP deals for NIS 82 million and the release of a NIS 42 million lien on Delek Drilling LP (TASE: DEDR.L) shares.

The SWAP deals were concluded ahead of the planned date because Delek is in dire needs of cash to pay off debts. The early completion of the deals saw Delek paid NIS 56 million less than it was meant to receive.

Published by Globes, Israel business news - www.globes-online.com - on May 11, 2020

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

Yitzhak Tshuva  / Photo: Einat Levron , Globes
Yitzhak Tshuva / Photo: Einat Levron , Globes
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