The saga of the sale of control of Delek Israel ended on Friday shortly before the beginning of Shabbat. The Delek Group controlled by Yitzhak Tshuva sold control (70%) of Delek Israel to Lahav L.R., controlled by Avi Levy, and businessman Uri Mansour for NIS 525 million. The agreement was signed in an impromptu ceremony at the Shaare Uriel Synagogue, owned by Mansour in Mevaseret Zion. Mansour, which owns the GM company through which it will carry out the transaction, will purchase 35% of Delek shares for half of the purchase amount. from her.
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Rozensky returns to Delek as owner
Mansour, a veteran Jerusalem industrialist who was previously the president of Hapoel Jerusalem in basketball, owns various businesses, including a factory and Forget in Ofakim, which produces raw materials for wet wipes manufacturers. Mansour is also a partner (25%) in the subsidiary of Lahav LR, which owns shopping centers in Germany. Lahav L.R. is owned by Avi Levy, CEO of Melisron until about a year ago; Eli Lahav, who established the Lahav and Grand Canyon warehouses in Be’er Sheva; and Ilik Rozensky, former CEO of Delek Real Estate. Delek, even before it was controlled by Tshuva, as the business development manager of Delek Israel. After Tshuva took over the group, Delek Real Estate was established, headed by Rozensky. Lahav, which is managed by Hava Zamir-Toaf, will immediately raise NIS 100 million in shares, while the major shareholders have pledged to invest 80% of the raising.
Until last week, the Arbel Fund also emerged as a buyer of Delek Israel after signing a binding agreement conditional on an investment of NIS 450 million in Delek Israel. The investment was to be made as a 5-year loan to the Delek Group for 20% of Delek Israel. The loan repayment, which was given at an interest rate of 10% per annum, was based on an annual dividend and the return on investment after five years, at the end of which Arbel was supposed to remain with 20% of Delek Israel, and with an additional 5% return on investment.
The deal with Arbel also stipulated that if the loan was repaid in difficulty, it would receive shares from Delek Israel, to the point of gaining control (51%) of it, which would necessitate a change in the trust deed to the holders. Last week, a bond meeting was to be held at which the holders were supposed to vote on the changes that Delek wanted to introduce in the trust deed so that the Arbel deal could be carried out. From the deal with Arbel and opposed changing the bill.
Idan Wells CEO of Delek Group with controlling shareholder Yitzhak Tshuva Photo: Guy Asiag
Institutionalists preferred a “clean” deal of selling control and entering a net of capital into the company, with the amount coming in repaying a debt of NIS 342 million of the Delek Group to banks and releasing 40% of Delek Drilling shares to be transferred to their bondholders owes Delek NIS 5.8 billion. Calcalist “The institutions’ opposition to the Arbel deal Teshuva and the CEO of Delek, Idan Wells held an urgent meeting with the institutions and in which the parties agreed to postpone the voting date to October 20.
Whoever was responsible for Delek’s quick response, following the opposition, was Wells, who was educated to keep an alternative to the deal at all times, in case one fell through. On the eve of Yom Kippur, Wells introduced a clause at the last minute that allows Delek to exit the deal with Arbel if the various approvals are not obtained by October 15. Indeed, on Thursday evening, Delek announced to Arbel, managed by Amir Hasel, that it would stop the process and close the next day with Lahav and Mansour.
Dissolution of Delek Israel in two
According to the outline, the parties intend to act to separate fuel into two sister companies. A real estate company to which the 55 stations owned by the company will be transferred, out of 270 stations it operates, where another real estate of thousands of square meters will be developed; and a fuel, energy and retail company where the retail sector will be developed, and will be issued in the near future. Be in equal parts.
Lahav L.R. specializes in real estate, Mansour specializes in operations, with Eli Lahav’s background in retail almost completing the picture. The buyers are expected to remove Boaz Chechik, CEO of Delek Israel, and recruit a new CEO with knowledge in the field of retail and energy. In a deal with Arbel Chechik, he was supposed to remain in his position.Clearing Of gambling and porn sites contrary to the practices of international credit organizations, and sentenced to four months of service work.
Avi Levy told Calcalist that “we believe in the company and its potential and in our abilities to develop the commercial real estate within the company. This is our specialty, we have done it for many years and we believe we will do it in this company as well. We will open convenience stores to small neighborhood centers with cafes. This is a very significant move for us that will be reflected in the short and long term. “
Wells, who was appointed CEO of Delek Group at the beginning of the year, had to deal with a deep crisis in the company due to Teshuva’s bet on the purchase of Chevron assets in the North Sea, using Ithaca (100%), for $ 1.7 billion. The corona crisis and the drop in oil prices led Delek For a huge $ 600 million write-off in Ithaca that made the purchase, and it almost lost control of its main asset in the country, Delek Drilling, whose banks began to exercise liens on its shares.
Wells began to lead a series of realizations in the company, ranging from minority shares in the Mehadrin real estate company, controlling shares in the oil company Cohen Pituach, the desalination company IDI, Pi Glilot, power plants and fuel royalties. NIS 2 billion. The realizations led to Tshuva being able to get a year of peace from the bondholders, even though it had to reduce its share in the company slightly due to the capital raising it had to maintain, and if oil prices recover it will benefit from a debt settlement andBankruptcy Possible. At the same time, Tshuva, together with Yakir Gabay, is currently realizing a portfolio of 1,440 apartments in the United States under the private joint star for $ 1.75 billion.
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