August 20, 2018 / 1:36 PM / a month ago

Israel's Delek sells stake in infrastructure unit at $206 mln value

JERUSALEM, Aug 20 (Reuters) - Israeli energy conglomerate Delek Group said on Monday it was selling 60 percent of its infrastructure unit to Israeli private equity firm Fortissimo Capital at a value of $206 million.

The non-binding memorandum signed by the companies would see Delek keeping 40 percent of the shares in Delek Infrastructures.

Fortissimo will pay $40 million in cash at the deal’s closing, while the rest will be structured as a loan from Delek to Fortissimo.

Delek Infrastructures owns 50 percent of IDE Holdings, a company that builds desalination plants globally.

The firms said they would work to raise debt of $80-100 million. (Reporting by Maayan Lubell Editing by Steven Scheer)

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