December 10, 2017 / 7:45 AM / 7 months ago

Israel Chemicals sells stake in desalination firm IDE for $167 million

JERUSALEM (Reuters) - Israel Chemicals (ICL) (ICL.TA) said on Sunday it completed a sale of its 50 percent holding in water desalination firm IDE Technologies for $167 million.

The final price was below an initial agreement of $178 million, ICL said in a statement to the Tel Aviv Stock Exchange.

ICL (ICL.N) said it expects to post a capital gain of $40 million in the fourth quarter from the sale.

ICL, a top global supplier of potash, said in June that it reached a deal with a limited partnership whose general partner is a company controlled by IDE’s own chief executive, Avshalom Felber. The partnership also includes institutional bodies from Israel’s Clal Insurance (CLIS.TA).

IDE, which has built major desalination plants in the United States, Israel, India and China, is jointly owned by ICL and Israeli conglomerate Delek Group (DLEKG.TA).

Reporting by Steven Scheer; Editing by Jeffrey Heller

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