Mor Buys 11.7% of Gaon Group for About NIS 100 Million

Mor has bought an 11.7% stake in Gaon Group for about NIS 100 million in an off-exchange transaction at NIS 18.70 per share. The investment values the Israeli infrastructure supplier at about NIS 850 million. Gaon Holdings sold 4 million shares for nearly NIS 75 million, while Challenge Holdings and CEO Guy Regev sold another 1.34 million shares for NIS 25.1 million. Gaon Holdings retains a 55.3% stake following the sale and will use proceeds, among other purposes, to redeem its Series E bonds early in full. Gaon supplies pipes, valves and other equipment for water, sewage, fuel and gas infrastructure.