Photo: Ofer Amram
Photo: Ofer Amram
Delek Europe to be sold for 355 million Euros
Delek Europe Holdings to be paid in two installments, with the second portion paid out over five years.
Israeli conglomerate Delek Group said on Thursday its subsidiary Delek Europe Holdings signed a memorandum of understanding to sell Delek Europe BV to a foreign fund for 355 million Euros ($490.13 million).
Delek said 180 million Euros would be paid in cash in two equal installments 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 annually.
The two sides agreed on dates for signing a detailed agreement and completing the deal but they did not disclose this information.
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The deal is subject to regulatory approval and there is no guarantee it will be completed, 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.
