Delek Group Completes the Sale of The Phoenix for NIS 1.57 Billion
Tel Aviv, Israel, Nov. 4, 2019 /PRNewswire/ — Delek Group (TASE: DLEKG) (US ADR: DGRLY) announces that it has completed the sale of its 32.5% stake in The Phoenix Holdings Ltd to the Centerbridge and Gallatin Point Capital investment funds.
The total consideration will be for NIS 1.57 billion, of which NIS 1.335 billion in cash was received on November 3, 2019. As part of the agreement, the total consideration may increase by up to an additional NIS 866 million or decline by up to NIS 196 million, based on the future returns of the purchasing funds.
With the sale of its controlling stake in The Phoenix, Delek Group will have fully divested its ownership of the insurance company in accordance with the provisions of Israel’s Market Concentration Law.
UK-based Centerbridge Partners LP is a venture capital fund founded in 2005, and manages USD 27 billion of investments in the insurance, financial services, and real estate sectors. Gallatin Point Capital LLC is based in the United States and invests in areas experiencing regulatory and technological change, specializing in financial services and assets around the world.
For further information, please visit http://ir.delek-group.com/news-releases/news-release-details/completion-sale-phoenix-holdings-ltd
About The Delek Group
Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With major finds in the Levant Basin, including the Leviathan (21.4 TCF) and Tamar (11.2 TCF) reservoirs and others, Delek is leading the region’s development into a major natural gas export hub. In addition, Delek has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek Group is one of Israel’s largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE: DLEKG) and are part of the TA 35 Index.
For more information on Delek Group please visit www.delek-group.com