Generation Capital buys GES from Azrieli for NIS 110m

Yossi Singer and Erez Balasha Photo: Tamuz Rachman
Yossi Singer and Erez Balasha Photo: Tamuz Rachman

GES deals in water and sewage treatment and purification and water desalination.

Infrastructure and energy fund Generation Capital Ltd. (TASE: GNRS) reported today an agreement to acquire GES from the Azrieli Group Ltd. (TASE: AZRG) for NIS 110 million, subject to adjustments. These adjustments include changes in GES's working capital and net debt before the deal is completed, if any. The deal states that if it is completed by May 31, all of GES's profits, starting on March 31, will remain in the company.

GES engages in water and sewage treatment, purification, and desalination; and design and operation of water and sewage purification and treatment facilities. The company has BOT framework agreements in water, sewage, and waste. GES also manufactures and distributes various chemicals for water treatment and industrial use.

GES has NIS 115.1 million in revenue in the first nine months of 2019, and its adjusted EBITDA (EDITDA plus equity profits and proceeds from financial assets in respect of a franchise agreement) was NIS 16.4 million. The company has assets worth NIS 203.3 million.

Generation Capital was founded in 2018 by CEO Erez Balasha and chairperson Yossi Singer in partnership with the Viola fund,

The deal is slated for completion by April 24, 2020.

Published by Globes, Israel business news - en.globes.co.il - on January 26, 2020

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

Yossi Singer and Erez Balasha Photo: Tamuz Rachman
Yossi Singer and Erez Balasha Photo: Tamuz Rachman
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018