Pi Glilot
Photo: Avi Cohen
Tshuva
Delek to buy Pi Glilot terminal for NIS 800 million
Yitzhak Tshuva company makes highest offer to buy terminal near Herzliya, hopes acquisition will raise its subsidiary's value ahead of IPO
The Delek Group, controlled by Yitzhak Tshuva, has won the tender to acquire the Pi Glilot terminal near Herzliya after making an offer of NIS 800 million ($195 million) for the facility.
After losing the Ashdod refinery tender to Paz last year, Delek decided to concentrate all its efforts on the Pi Glilot acquisition, a fact which pushed the price of the terminal up to almost double the initial forecasts.
Dor Alon made an offer of NIS 738 million ($180 million), and had to withdraw from the tender after Delek raised its offer.
Since Delek already owns 15 percent of Pi Glilot, it will pay an additional NIS 680 million for the terminal.
Delek believes that the recent acquisition will increase the value of its subsidiary, which operates a chain of gas stations in across the country, Delek Israel, ahead of the company’s IPO.
