ORIX completes $630m Ormat controlling stake acquisition

Ishay Davidi

The Japanese company has bought a 22.1% stake in the Israeli geothermal energy company.

Japanese company ORIX yesterday became the largest shareholder in Israeli geothermal energy company Ormat Technologies Inc. (NYSE: ORA; TASE: ORA), paying $630 million for a 22.1% stake.

Ishay Davidi's FIMI Opportunity Funds (FIMI) received $395 million for its stake, triple its investment (including dividends taken) while the Bronicki family received $200 million for its stake. The deal was completed at a share price of $57, $2 below its current market price.

In accordance with thee agreement struck in May, chairman Gillon Beck and two board members Robert Joyal and Ami Boehm stepped down and were replace by Todd Freeland as chairman and Yuichi Nishigori and Stan Koyanagi as board members while Byron Wong also joined the board.

Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Ishay Davidi
Ishay Davidi
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