Delek Group makes update with regard to the Sale of Phoenix
OREANDA-NEWS. February 19, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) further to the immediate report dated June 21, 2015 (Reference No. 2015-01-052224) with regard to the signing of a binding agreement to sell all of the Company's holdings in the Phoenix Holdings Ltd. (hereinafter: "the Agreement" and "Phoenix", respectively), the Company hereby announces that since all the precedent conditions stipulated in the agreement were not completed, the parties agreed on February 16, 2016, to terminate the Agreement in accordance with the mechanism set in the Agreement. Each party waived irrevocably and unconditionally, all claims, liabilities or demands relating to the Agreement .
The Company is evaluating other options for the sale of its holdings in Phoenix to potential investors and will report in an immediate report on any significant developments in connection with the sale process, as required by law.
About The Delek Group
The Delek Group, Israel's dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 40 TCF.
In addition, Delek Group has a number of assets in downstream energy, water desalination, and in the finance sector.