Yitzhak Tshuva took the opportunity of the peak price of Delek Group Ltd. (TASE: DLEKG) to sell 0.75% of company for NIS 125 million to Bank Hapoalim (TASE: POLI), which originally financed his acquisition of the company in 1998. Bank Hapoalim bought the shares in an off-floor transaction as part of the routine management of its nostro money.
IBI Investment House Ltd. (TASE:IBI) brokered the deal.
Bank Hapoalim bought the shares at NIS 1,440.50 per share, 2% less than today's opening price, giving a market cap of over NIS 17 billion. Delek Group's share price has risen 50% in the past 12 months. The sale has no material effect on Tshuva's 62% holding in Delek Group, worth NIS 10.7 billion.
Delek Group has completed a number of sales, in order to focus on its Israeli oil and gas exploration business. Last month, it sold another large block of shares in Delek US Holdings Inc. (NYSE:DK) for NIS 950 million, bringing the total sales to over NIS 4 billion within two years. It also sold its controlling interest in US insurer Republic Companies Group Inc. for $121 million, and it sold Delek Europe BV to TDR Capital LLP for €355 million, net of debt, earlier this month.
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2014
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