Elco acquired Supergas from Azrieli Group for NIS 770 million

The acquisition of Supergas was signed: Elco, controlled by the brothers Mike and Danny Zalkind, signed the purchase of the company from the Azrieli Group for NIS 770 million. Elco will pay NIS 10 million at the signing date and another NIS 40 million by October 31, if the deal is not completed by then. The balance of the sum will be paid in seven annual payments and will constitute a kind of Azrieli's recognized loan. The total amount of the deal is actually NIS 1.02 billion, but of which a financial debt of NIS 250 million is being reduced by Supergas.
According to data published by the companies, Supergas doubled its profits in the first quarter of 2019 to NIS 30 million, compared to NIS 61 million and NIS 66 million in each of the years 2017 and 2018.