Shikun & Binui Signs NIS 4.45 Billion Energy Sale to Generation

Shikun & Binui Energy and Generation Capital signed a binding agreement for Generation's wholly owned PowerGen unit to acquire all of Shikun & Binui Energy through a reverse triangular merger. Shareholders are due NIS 4.45 billion in cash, comprising NIS 4.3 billion in base consideration and NIS 150 million linked to the time elapsed, subject to agreed adjustments. After completion, the energy company's shares will be delisted while its publicly traded bonds remain listed. The companies' boards have approved the agreement. The transaction still requires shareholder, regulatory and other closing approvals.