TEL AVIV, Israel, June 8, 2017 /PRNewswire/ --
ICL (NYSE: ICL; TASE: ICL), hereby reports that an agreement was signed today for the sale of ICL's share (50%) in IDE, as detailed below. This is pursuant to Item 5.B. 'Liquidity and Capital Sources - Significant Investments and Divestments' of the Company's annual statement (20F) for 2016, and to Note 6 of the financial reports for the first quarter of 2017, with respect to the examination of the possibility to divest ICL's share in IDE Technologies Ltd. ('IDE'), a company held in equal parts by ICL and Delek Infrastructures Ltd.
According to the agreement, ICL shall sell all of its shares in IDE to a limited partnership, wherein the general partner is a company controlled by Mr. Avshalom Felber, IDE's CEO, and limited partners therein are institutional bodies from the Clal insurance company ltd and the Israeli teachers' union educational funds' group. Total consideration is $177.7 million, to be paid in cash upon closing of the transaction, after deduction of transaction costs and subject to price adjustments which may apply due to certain material events, in case such events occur prior to the closing date of the transaction.
The closing of the transaction is expected to take place during 2017, subject to the fulfillment of several conditions precedent specified in the agreement, including receipt of approvals by the competent authorities.
There is no assurance that the closing will occur and/or that it will occur according to the dates and terms set forth above.
Name of the authorized signatory on the report and name of authorized electronic reporter: Lisa Haimovitz
Position: SVP, Global General Counsel and Company Secretary
Signature Date: June 7, 2017
Investor Relations Contact:
Investor Relations Manager, ICL