Idan Ofer's OPC buys US co CPV

Idan Ofer and OPC's Mishor Rotem power station

OPC and its Israeli partners will invest up to $815 million in the US power stations operator.

OPC Energy Ltd. (TASE: OPCE), controlled by Idan Ofer, has notified the Tel Aviv Stock Exchange (TASE) that it has signed an agreement to acquire US company CPV (Competitive Power Ventures). OPC parents company Kenon Holdings (NYSE: KEN; TASE: KEN) announced three weeks ago that it had signed a letter of intent to buy CPV, which owns power stations in the northeast US. OPC will invest up to $815 million in the acquisition together with partners.

OPC itself will invest between $685 million and $725 million including a $630 million cash payment to the current owners and a further $55-95 million partly in equity required for a project being built by CPV and further investments in the expansion of existing activities.

OPC plans entering the US market through a special partnership that it will set up in which it will have a 70% stake with 12.75% owned by Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), 12.75% by Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and 4.5% by Poalim Capital Markets.

Published by Globes, Israel business news - en.globes.co.il - on October 11, 2020

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

Idan Ofer and OPC's Mishor Rotem power station
Idan Ofer and OPC's Mishor Rotem power station
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