Elco to acquire Granite Hacarmel from Azrieli Group for $290m.

Financials

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Transaction Value£234m

Consideration Type-

Capital Owned-

Capital Bid For100%

EV/Sales-

EV/EBITDA-

Share Price Premium-

One Off Charge-

target

Granite Hacarmel Investments

bidder

Elco

vendor

Azrieli Group

Sources

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Tags

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Oil Refining and Marketing

distributing and marketing oil products

Pending

Israel

Majority

petroleum products

Private

Single Bidder

Acquisition

Natural

Private Equity

Synopsis

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Holding company Elco agreed to buy Granite Hacarmel Investments involved in marketing and producing oil products from Israeli real estate developer Azrieli Group for 1.02bn shekels ($290m). The move by Azrieli to sell Granite Hacarmel is part of Azrieli’s strategy to focus on its core real estate business.