A binding agreement signed Wednesday values the subsidiary at NIS 4.5 billion and is expected to net the parent company about NIS 3 billion after taxes, according to N12 (Lior Bacalu).
Shikun & Binui, a major Israeli construction and infrastructure group, announced the sale of its wholly owned subsidiary Shikun & Binui Energy to Generation Capital. The binding agreement values the energy unit at NIS 4.5 billion and is expected to generate net cash proceeds of approximately NIS 3 billion for the parent company after taxes, excluding transaction costs. The deal positions Generation Capital, an infrastructure and energy-focused fund, as a significant player in the Israeli energy sector. The transaction is subject to regulatory approvals. N12 reported the news on Wednesday.
2 developments
- StrongGlobes: Yedioth Ahronoth owner Noni Mozes sells half of Tel Aviv-area HQ buildings for ~NIS 160m
- DevelopingShein posts $99 million net loss in Q1 ahead of Hong Kong IPO
- DevelopingKnesset Finance Committee approves NIS 54.79 million for Haredi development authority hours before expected dispersal
- DevelopingIndian group Adani, UAE's IHC sign $11.5 billion aluminum refining deal in Odisha
Source and signal
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