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Delek raises selling price for Phoenix Holdings stake

Israeli conglomerate Delek Group Ltd. said April 6 that the consideration for the sale of its 52.3% stake in Tel Aviv-based insurance group Phoenix Holdings Ltd. to Yango Investment Pte. Ltd. rose to 2.15 billion Israeli shekels from the previously agreed 1.97 billion shekels.

The increased amount is part of an amended sale agreement between Delek and Yango Investment after the two parties failed to complete the conditions to close the stake sale by the March 31 deadline. The deadline to complete the terms for closing has now been set for June 4.

Of the total, nearly 2 million shekels will be paid in cash at the closing date. The remaining balance will then be paid in three tranches, the first of which will be paid up to 30 days after closing and the last no later than April 30, 2019.

Yango Investment is a Singapore-based private company owned by Chinese holding group Fujian Yango Group Co. Ltd.

As of April 6, US$1 was equivalent to 3.64 Israeli shekels.