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Israel’s Delek Group, one of the major players in the country’s recent offshore natural gas discoveries, is close to concluding a series of fund raising efforts to lift its $2.04bn share of the estimated $4.5bn development costs of Israel’s giant 19 tcf offshore Leviathan field.
Most recently, on 8 June the company announced it is selling 100% of ‘Delek Europe’ – which operates 1,230 Texaco-branded gas stations and 935 convenience stores – to UK-based private equity firm TDR Capital for $485mn.
This follows last month’s raising of $2bn through a US bond (MEES, 16 May), and a further $276mn through the sale of 22% of ‘Delek US’ leaving the parent company with a mere 8%. Delek is also looking to offload a stake in two Israeli insurance firms: Phoenix and Republic Insurance.
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