July 28, 2019 / 7:03 AM / 3 months ago

Israel's Elco to buy Azrieli unit Granite Hacarmel for $290 million

JERUSALEM (Reuters) - Holding company Elco Ltd (ELCO.TA) said on Sunday it agreed to buy Granite Hacarmel Investments from Israeli real estate developer Azrieli Group (AZRG.TA) for 1.02 billion shekels ($290 million).

The purchase price includes Elco taking on 250 million shekels of debt, it said in a regulatory statement in Tel Aviv.

The move by Azrieli to sell Granite Hacarmel, which owns cooking gas distributor Supergas, is part of Azrieli’s strategy to focus in its core real estate business.

Both sides intend to finalize the deal by Oct. 31, 2019.

Reporting by Steven Scheer; Editing by Tova Cohen

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