Isramco Negev 2 Limited Partnership (TASE:ISRA.L) signed an agreement to acquire Naphtha Exploration LP (TASE:NFEX.L) for approximately ILS 1.7 billion on November 20, 2016. Under the terms of the transaction, 2.63 billion participation units of Isramco Negev 2 will be issued to Naphtha’s rights holders. 99.64% will be issued to the rights holders, at a ratio of 21.17455 of the Isramco’s participation units for each participation unit held of Naphta. 0.36% will be issued to Naphta’s Genera Partner. In a related deal, Isramco Negev 2 Limited Partnership (TASE:ISRA.L) signed an agreement to acquire INOC- Dead Sea Limited Partnership (TASE:HLDS.L) for approximately ILS 950 million. Post acquisition, Naphtha Exploration will be merged into Isramco Negev 2. The merger between Isramco and Naphta is subject to the completion of the merger between Isramco and INOC and approval for registration of the participation units from Tel Aviv Stock Exchange. The transaction was approved by the shareholders of Isramco Negev 2 Limited Partnership. The deal is expected to close by December 31, 2016. As of June 1, 2017, the transaction is expected to be completed on June 4, 2017. Agmon & Co. Rosenberg Hacohen & Co. acted as legal advisor to Isramco Negev 2 Limited Partnership.