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  • Sale of Holdings in Delek Europe
    édité le 01/07/2014 - Plus de news de "Delek" - Voir la fiche entreprise de "Delek"


Sale of Holdings in Delek Europe
Delek Group is pleased to announce, further to what was stated in the Company's immediate reports dated April 17, 2014 and June 8, 2014 , that on June 26, 2014, the Company's subsidiary, Delek Europe Holdings Ltd. (the "Seller"), owned 80% by Delek Petroleum Ltd. and 20% by Delek Israel Fuel Corporation Ltd., entered into an agreement with a foreign fund (the "Buyer") to sell the entire holdings of the Seller (100%) in the foreign company Delek Europe BV (the "Sold Company") and the loans granted to the Sold Company by the Seller, for an amount of €355 million (approximately NIS 1.7 billion) (the "Consideration").

Consideration payment of the transaction will be as follows;

- €180 million will be paid in cash in 2 equal installments of €90 million each. The first shall be paid on the closing date and the second at the end of 12 months from the closing date with an addition of 5% of interest.

- The remaining balance of the Consideration in the amount of €175 million will be granted as a loan by the Seller to the Buyer for a period of 5 years and 3 months. The loan will carry an annual interest rate of 5%.

In the agreement a mechanism was set for an additional compensation to be paid by the Buyer (limited to a maximum amount of €40 million) in the case of selling the shares sold by them within the agreed timeframe as well as achieving the defined yield as set - in the agreement. In addition, a reduction mechanism for compensation was stipulated in the agreement (limited to a maximum amount of €11.5 million) which depends on the Sold Company's results in 2014.

The agreement includes customary representations in this type of transaction and indemnity for damages related to the environment with respect to events as stipulated by the parties with limits to the amount of liability and the warranty period.

The agreement is subject to the following conditions: regulatory approvals (Antitrust) and approval of a change of control as part of the license to us the Texaco brand.

Currently, the Company is examining the accounting implications of this agreement, if the transaction is completed, on the financial statements.

This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on June 29, 2014.

About The Delek Group

The Delek Group (TASE: DLEKG, OTCQX: DGRLY), Israel's dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 37 TCF.

In addition, Delek Group has a number of assets in downstream energy, in water desalination, and in the finance sector.


Origine : Communiqué Delek

Voir la fiche entreprise de "Delek"



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