TEL AVIV, June 29 Israeli conglomerate Delek
Group said on Sunday its subsidiary Delek Europe
Holdings signed an agreement to sell Delek Europe BV to a
foreign fund for 355 million euros ($484 million).
Delek said 180 million euros would be paid in cash in two
equal instalments while the seller would extend a loan to the
buyer for the remaining 175 million. The loan would be repaid
within five years and three months with interest of 5 percent
In April Delek said it had signed a memorandum of
understanding for the sale of Delek Europe BV.
The deal is subject to regulatory approval, Delek said in a
statement. The name of the buyer was not revealed.
Delek Europe was established in 2007 and made two big
acquisitions: the operations of Chevron Corp in Belgium,
the Netherlands and Luxembourg; and the operations of BP PLC
in France. BP France's operations included hundreds of
fuel stations and convenience stores and holdings in three fuel
storage and marketing terminals.
($1 = 0.7331 Euros)
(Reporting by Tova Cohen)