Leumi Partners Acquires 20% of Delek Israel Ahead of Planned IPO

Leumi Partners, the real estate investment arm of Bank Leumi, has acquired a 20% stake in Delek Israel for 213 million shekels, valuing the company at 850 million shekels pre-money. This acquisition comes just days after Leumi Partners completed the purchase of a controlling interest in HOT Mobile for 1.2 billion shekels from Patrick Drahi's Altice group. The HOT Mobile deal is led by Delek Israel and the Keystone infrastructure fund, each holding 40%, with Leumi Partners owning the remaining 20%.

Leumi Partners' investment in Delek Israel is expected to help finance Delek's share in the HOT Mobile acquisition, indirectly supporting Delek Israel's involvement. The transaction is also seen as a preparatory step toward an initial public offering (IPO) of Delek Israel on the local stock exchange in the coming years. Following the deal, public company Lahav, controlled by businessman Avi Levy and managed by Ilik Rozenski, remains the largest shareholder with 31%. Other shareholders include businessman Uri Mansour (26%), Leumi Partners (20%), and the Delek Group, controlled by businessman Yitzhak Tshuva (19%).

Delek Israel, managed by Yoram Eyal, operates approximately 240 fuel stations, holding an 18% market share. The company also has retail holdings including Burger King, Cafe Joe, Menta convenience stores, and Zappa club chains. In 2025, Delek Israel reported revenues of about 4.8 billion shekels. The HOT Mobile acquisition is expected to create synergies for Delek Israel, particularly in telecommunications, such as selling mobile devices through its convenience stores and leveraging its customer loyalty program to offer mobile services.

This strategic move positions Delek Israel for growth and diversification ahead of its anticipated public offering, while strengthening its role in both the energy and telecommunications sectors.