TEL AVIV, Israel – Israel Chemicals Ltd (ICL) has agreed a sale for its 50 percent stake in desalinationcompany IDE Technologies to a consortium of investors for $178 million in cash.
A sale accord has been agreed to a limited partnership, including Avshalom Felber, CEO of IDE Technologies and institutional bodies from Clal Insurance Company and the Israeli teachers’ union educational funds’ group.
The closing of the transaction is expected to take place during 2017, subject to conditions and approvals by authorities.
It was in 2015 when IDE’s two joint owners, ICL and the Delek Group partnered with investment bank UBS to help with the sale of the company in a bid to sell off non-core activities.
As WWi reported at the end of 2014, this followed ICL selling off its German water treatment business – APW – to Japanese water company Kurita Water industries (read article).
While ICL focuses on chemical and fertilizer manufacturing, the Dalek Group, a holding company owned by billionaire Yitzhak Tshuva, is reported to be refocusing its activities on the natural gas industry.
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