DELEK GROUP LTD. | Non-binding MOU for the Sale of Control in the Phoenix Holdings | ||
Tel Aviv, January 27, 2014. Delek Group (TASE: DLEKG, OTCQX: DGRLY) ("the Company") is pleased to announce that on January 27, 2015, a non-binding memorandum of understanding was signed between the Company and a foreign traded company with activities including in the insurance sector abroad ("The Buyers"), encompassing details of the principles to consolidate a binding agreement to sell the control in the Phoenix Holdings Ltd. (42%-52.3% from the share equity of the Phoenix, herewithin the "MOU", the "Sold Shares" and the "Phoenix"). In accordance with the MOU, the full consideration for the Sold Shares will be an amount equal to the shareholders equity of the Phoenix as of 30th September 2014, subject to defined adjustments, multiplied by the percentage of the Sold Shares of the Phoenix's issued share capital in addition to the interest rate agreed that will be added to the consideration from September 30, 2014, until the day of completion of the transaction. The consideration will be paid in cash at closing. It is clarified, that the MOU is not binding except for the obligation of exclusivity for a period as agreed between the parties. The transaction is dependent on due diligence, for a successful completion of the negotiations between the parties and for the execution of a binding agreement. The binding agreement will include conditions of the receival of all of the necessary approvals of the regulators as required by law. This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on January 27, 2014.
The Delek Group, Israel's dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 40 TCF. In addition, Delek Group has a number of assets in downstream energy, water desalination, and in the finance sector. For more information on Delek Group please visit www.delek-group.com Contact
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