Tshuva sells 70% of Delek Israel to Lahav El Ar for NIS 525 million

Posted on Oct 18, 2020 by Ifi Reporter

The businessman ltzhak Tshuva sells 70% of Delek Israel to Lahav El Ar by Avi Levy and Eli Lahav and Uri Mansour for NIS 525 million. The transaction attributes a value of NIS 750 million to the company. Delek Israel owns Delek gas stations - the largest station chain in Israel.
The sums that Delek will receive will allow it to repay a debt to the banks in the amount of NIS 342 million and release a lien of NIS 342 million that rests on Delek Drilling shares to the company's bondholders.
The Arbel Fund received a notice from Delek on Thursday evening about the cessation of negotiations, in light of the fact that Deadline has expired for the deal. Delek's bondholders actually torpedoed the deal with Arbel when they opposed its approval and change of the trust deed.
Delek, which is controlled by Tshuva, conducted parallel negotiations with two entities along the way. First, Lahav joined Rami Levy, which decided to withdraw from the deal, and in light of time pressure, on the eve of Yom Kippur, Delek signed an agreement with Arbel. NIS 1 million for five years and in exchange for 20% of the company's shares.
The buyers are expected to remove Boaz Chechik, CEO of the company, and recruit a new CEO with knowledge in the field of retail and energy. Chechik was to remain CEO if Arbel were the acquirer.

 


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