The company said today it agreed to sell its Delek Europe B.V. gas stations unit to U.K. private equity fund TDR Capital LLP for 355 million Euros ($492 million). The deal comes a day after Delek reached an accord to dispose of a controlling stake in Republic Companies Inc. for $121 million.
“The move enables Delek to streamline its structure around oil and gas and to support the investments it needs for Leviathan,” Roni Biron, a Herzliya, Israel-based analyst at UBS AG, said today by phone.
Delek is the best performer on the TA-25 index in the past 12 months as the company sold stakes in non oil-and-gas assets and its Tamar field started production. Australia’s Woodside Petroleum Ltd. said today talks for an investment in Leviathan continue, after a deadline was missed in March. The shares gained 0.3% to 1,420 shekels at 1:24 p.m. in Tel Aviv.
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