Aaron Frenkel credit: Eli Etkin
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Israeli billionaire Aaron Frenkel has bought the 3.5% stake of Everest at a valuation of $7.1 billion for the offshore gas field.
Israeli billionaire Aaron Frenkel is continuing to increase his stake in the Tamar gas field. Frenkel has bought the 3.5% stake of Everest (a partnership of Harel Insurance Investments and Financial Services and the Israel Infrastructure Fund) for NIS 1 billion, reflecting a NIS 29 billion ($7.1 billion) valuation for the Israeli offshore gas field.
This increases Frenkel’s stake in the Tamar gas field to 14.5%, after Frenkel bought half of the 22% stake that Delek Group Ltd. (TASE:DLEKG) sold to Abu Dhabi’s Mubadala Energy. In addition, Frenkel also holds a 25% stake in in Tamar Petroleum (TASE: TMRP), which has a 16.75% stake in the Tamar gas field, so that in effect Frenkel holds an additional 4.2% of the prospect. The other partners in the gas field are Isramco (TASE: ISRA) 28.75%, Chevron (25%), Mubadala Energy (11%) and Dor Gas Exploration (4%).
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The capital for these acquisitions was received by Frenkel from his successful sale of his 37.2% stake in income-producing real estate company Bay Side Land Corp. (TASE: BYSD) to Property & Building Corp. (TASE: PTBL).
Published by Globes, Israel business news – en.globes.co.il – on March 19, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
Aaron Frenkel credit: Eli Etkin
