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Report: Delek Group to announce new buyer for Phoenix Holdings stake

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Report: Delek Group to announce new buyer for Phoenix Holdings stake

Israel's Delek Group Ltd. will soon announce a new agreement for the sale of its controlling stake in Phoenix Holdings Ltd., Globes reported, citing market sources.

This comes after the Israeli conglomerate's deal with Chinese investor Yango Investment PTE. LTD. was terminated after it failed to get a nod from regulators in Israel.

Delek Group is expected to off-load its Phoenix stake under Israeli regulations that bar conglomerates from owning both financial and nonfinancial entities.

The move is also in line with the group's strategy to focus its business on energy, according to the Aug. 10 report.