Beren Acquires Stake in Ashkelon Desalination Plant Operator
Translated & summarized from TheMarker by baba
Beren Group is acquiring a 40% stake in Adamah, the operator of the Ashkelon desalination plant, for 54 million shekels. This move comes as Beren and Veridis, the current stakeholder, are jointly bidding for the plant's concession. The concession includes doubling the plant's capacity and a 25-year operating period. Beren will receive profit rights but no voting rights from the acquisition.
The story in 6 lines · by baba
- Beren Group is buying 40% of Ashkelon desalination plant operator Adamah for 54 million shekels.
- The acquisition involves the company Veridis's share in Adamah.
- Beren and Veridis are jointly competing for the plant's concession.
- The concession includes doubling the plant's capacity to 220 million cubic meters annually.
- The operating period for the concession is an additional 25 years.
- Beren will receive profit rights but no voting rights from the deal.
Beren Group is expanding its water infrastructure operations by purchasing 40% of "Adamah," the company that operates the Ashkelon desalination plant, for approximately 54 million shekels. This acquisition occurs as Beren and Veridis, the current stakeholder in Adamah, jointly compete in a tender for the desalination plant's concession. The concession involves doubling the plant's capacity to 220 million cubic meters annually and operating it for an additional 25 years. Through this purchase, Beren will gain rights to the operating company's profits but will not have voting rights.
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