Veridis Negotiates Sale of 20% Stake in OPC Israel for Over 17.5 Billion Shekels
Veridis, controlled by Gil Agmon through Delek Automotive, is in advanced talks to sell its entire 20% stake in OPC Israel, the company managing OPC's energy operations in Israel. OPC, which owns 80% of OPC Israel, is largely controlled by Idan Ofer with a 43.8% stake. Veridis is seeking a valuation exceeding 17.5 billion shekels for OPC Israel, implying a sale price of more than 3.5 billion shekels for its shares. This amount represents nearly half of Veridis's total market value of 7.3 billion shekels.
Gil Agmon, chairman of Veridis, has recently met with several institutional investors to advance the deal. Due to the large sum involved, it is expected that multiple institutional investors will jointly acquire the shares. There is also a theoretical option for OPC itself to repurchase Veridis's stake through a combination of cash and shares, but this is not currently being pursued. The sale discussions began after a major insurance company approached Agmon with a proposal to lead a joint acquisition with other institutional investors. However, significant price gaps remain, with investors considering the asking price too high, lowering the chances of a deal closing soon.
Delek Automotive argues that the recent sale of Shikun & Binui Energy to Generation Fund at a 4.5 billion shekel valuation has set a new benchmark for private energy companies, supporting OPC Israel's higher valuation. OPC Israel is expected to expand its operations with new power plants in the coming years. If Agmon does not achieve the desired price, he may hold off on selling and revisit the opportunity next year.
Last month, OPC Israel completed a 448 million shekel purchase of land for expanding its power plant in Hadera, with the expansion project costing about 1.8 billion shekels. Bank Leumi will provide approximately 1.7 billion shekels in financing, and Solel Boneh, a subsidiary of Shikun & Binui, will execute the construction. The expanded plant will have a capacity of 850 megawatts, fueled by natural gas.
OPC Israel currently operates four power plants with a combined capacity of over 1,000 megawatts and is advancing several new projects, including a 500-megawatt solar plant with a large-scale energy storage system in the southern Arava region. Veridis became a partner in OPC Israel in February 2022 by investing 452 million shekels and acquiring a 20% stake, valuing OPC Israel then at about 6.6 billion shekels. The current sale price sought is nearly triple that valuation.
OPC, traded on the Tel Aviv Stock Exchange with a market cap of around 30 billion shekels, is one of Israel's largest energy companies and has significant operations in the U.S. It expanded its U.S. presence in 2022 by acquiring control of CPV, which operates five natural gas power plants, for $800 million. OPC also announced a $3.5 billion investment in a new power plant in Virginia.
In the first quarter of 2026, OPC Israel's electricity sales revenue rose 23% to $96 million, with EBITDA increasing 16% to $44 million. OPC raised 800 million shekels in March through a share offering to institutional investors to fund its development pipeline.
Veridis, Delek Automotive's infrastructure arm, operates in six sectors including energy and environmental quality. It acquired a majority stake in Neot Hadera (now Infinia) in 2023 for 1.7 billion shekels and later completed full ownership. Infinia's initial performance was weak, impacting Veridis's valuation, but the stock has recovered since April 2024.
