Deals
Delek Group Unit Buys Ithaca Stake to Expand Global Activity
- CEO says company looking at more strategic investments abroad
- Shares among worst-performing stocks in Tel Aviv this year
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Delek Group Ltd., a partner in Israel’s two largest offshore natural gas fields, said a unit has acquired 20 percent of Canada’s Ithaca Energy Inc. for about $66 million as part of its strategy to transform itself into a global energy company.
An unnamed, wholly-owned subsidiary of Delek signed a binding investment agreement with Ithaca, which is traded on the Toronto Stock Exchange and London’s Alternative Investment Market, Delek Group said in a statement on Oct. 9. The acquisition, financed through Delek’s own resources, would make the unit the largest shareholder in Ithaca. Delek said it could increase its stake in Ithaca “as appropriate.”