Israel Chemicals has sold its 50% stake in the desalination company.
Israel Chemicals (TASE: ICL: NYSE: ICL) has notified the Tel Aviv Stock Exchange that it has sold its 50% stake in desalination engineering company IDE Technologies Ltd. for $178 million cash, reflecting a company value of just $356 million. The buyers are Clal Insurance (20%), The Teachers and Kindergarten Teachers Advanced Study Fund (20%) and IDE's CEO Avshalom Felber.
The other 50% is held by Delek Group Ltd. (TASE: DLEKG). As far as is known, Delek is also eager to sell its 50% stake in IDE but Yitzhak Tshuva who controls the company is in no rush to sell because he believes the company is worth far more than $356 million.
Israel Chemicals hopes to complete the deal before the end of 2017 subject to regulatory and other conditions.
IDE develops, designs, plans, builds and operates desalination plants and advanced water solutions facilities. 2016 revenue was $173 million, similar to the previous year. Net profit was $10 million compared with $3 million in 2015 and $31 million in 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on June 8, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
IDE Ashkelon Plant Photo: PR