Three Major Infrastructure Acquisitions Boost Tel Aviv Stock Exchange Shares
On Monday, the Tel Aviv Stock Exchange saw a surge in investor interest following three significant acquisition deals in the infrastructure and energy sectors. Rimon Infrastructure Services, led by CEO Yossi Almellem, acquired a 39.8% controlling stake in publicly traded Inter Industries for 67.2 million shekels, paying a 17% premium per share. This deal values Inter Industries at 169 million shekels and caused its stock to jump. The acquisition is Rimon's seventh since 2021, part of a strategy that has increased its share price nearly 390% to a market cap of over 6.2 billion shekels. The transaction awaits approval from the Israeli Competition Authority. Inter Industries, founded in 1973 and managed by Shlomi Asraf, operates in electrical systems and electromechanical infrastructure, recently winning a 56-month, 85 million shekel contract for a metro substation in the Tel Aviv metropolitan area. Despite recent losses due to rising project costs, Inter holds a backlog of about one billion shekels in orders.
Rimon is also expanding internationally, recently entering the U.S. data center cooling market with a $17 million order in Pennsylvania, signaling further growth ambitions. Meanwhile, construction materials group Ackerstein, controlled by the Ackerstein family, purchased an 85% stake in private cladding company Eco Wall for 47 million shekels from Tadiran Real Estate and other shareholders. Ackerstein is also negotiating another environmental development acquisition valued between 55 and 75 million shekels.
In the renewable energy sector, Nofar Energy, led by controlling shareholder and CEO Ofer Yanai, increased its stake in Alomay Capital from 46% to 75% through a share swap with institutional investors including Phoenix Insurance, Yelin Lapidot Investment House, and Sefera Hedge Fund. Alomay’s market value dropped below 900 million shekels after a third of its value was lost earlier this year, but its stock rose following the deal announcement. Nofar’s shares have surged 90% this year, reaching a market cap of 7.9 billion shekels.
These transactions highlight a dynamic period for Israeli infrastructure and energy companies, with strategic acquisitions driving growth and stock market gains amid ongoing expansion both domestically and abroad.
