Construction and infrastructure group Shikun & Binui announced a binding agreement to sell its wholly-owned energy subsidiary to Generation Capital, valuing the unit at approximately 4.5 billion shekels. The deal is expected to generate net cash proceeds of about 3 billion shekels for the parent company after taxes, according to N12.
The signing of the binding agreement, announced by Shikun & Binui on Wednesday, marks a major divestiture for the Israeli construction and infrastructure conglomerate. The subsidiary, Shikun & Binui Energy, operates in the renewable energy sector. Generation Capital, an Israeli infrastructure investment fund, will acquire full ownership. The transaction is subject to customary regulatory approvals. No further details on the timeline were provided.
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