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Delek signs binding agreement for sale of Phoenix stake for 1.72B shekels

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Delek signs binding agreement for sale of Phoenix stake for 1.72B shekels

Israeli energy company Delek Group Ltd. signed a binding agreement with companies controlled by private equity firms Centerbridge Partners LP and Gallatin Point Capital LLC to sell a 32.5% stake in Phoenix Holdings Ltd. for approximately 1.72 billion Israeli shekels.

Under the terms of the deal, the buyers will acquire approximately 30% of the issued and paid up share capital of Phoenix on closing, representing the controlling stake, for 20.6 shekels per share, or 1.6 billion shekels in the aggregate.

Delek also committed to arrange for the buyers to acquire additional shares equivalent to approximately 2.5% of Phoenix's issued and paid up share capital by the end of 2019, to be bought for an additional consideration of 120 million shekels.

As of May 22, US$1 was equivalent to 3.61 Israeli shekels.