After intensive examination of the company, Fortissimo's management decided to pull out of the deal.
Fortissimo Capital has cancelled its plans to buy Kardan NV's (TASE: KRNV;AEX:KARD) 98.4% holding in water infrastructures company Tahal Group. After intensive examination of the company, Fortissimo's management decided to pull out of the deal.
Following the breakdown of the deal, Kardan N.V. must repay a debt of NIS 268 million to Series B bondholders on February 1 and a further NIS 206 million by February 25 to Series A bondholders.
Fortissimo had been in talks to buy Tahal for $120-130 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 11, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018
Tahal project photo: PR