Delek Israel proposes merger with Shufersal

Delek Israel, controlled by Lahav LR Serious Estate Ltd. (TASE: LAHAV) and Uri Mantzur has proposed a merger deal with Shufersal Ltd. (TASE:SAE), Israel’s major supermarket chain, which is traded at a industry cap of NIS 7.4 billion and has no managing main.

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Delek Israel has provided a share swap deal in which it would obtain a 20% stake in Shufersal, which would make it the retail chain’s largest shareholder but not its controlling shareholder. Lahav LR Genuine Estate Ltd. has a 40% stake in Delek Israel, Uri Mantzur (35%), and Delek Group Ltd. (TASE:DLEKG) (25%).

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Delek Israel operates 243 gasoline station all over Israel and 203 Menta handy stores and Cup “O” Joe cafes. Past calendar year Lahav LR and Uri Mantzur purchased regulate of Delek Israel and had submitted a prospectus for an IPO on the TASE at an estimated enterprise valuation of NIS 1.5 billion. But if the Shufersal merger goes ahead then the IPO will be cancelled.

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Printed by Globes, Israel business news – en.globes.co.il – on April 5, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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