Shareholders in Ormat Industries will receive shares in Ormat Technologies.
First Opportunity Funds (FIMI) controlled by Ishay Davidi, has begun merging Ormat Industries Ltd. (TASE: ORMT) and its subsidiary Ormat Technologies Inc. (NYSE:ORA).
Ormat Industries owns a 60% stake in Ormat Technologies, whose market cap is $1.27 billion (NIS 4.76 billion), and operates in the field of geothermal energy, and accounts for most of its parent company's business. Through the merger it has been agreed that Ormat Industries shareholders will receive Ormat Technolgies shares.
After the merger Ormat Industries will be delisted and become a privately held company. The measure, which will be completed in the first quarter of 2015, will greatly reduce costs.
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
FIMI's Ishay Davidi