Shikun & Binui Sells Energy Unit to Generation Capital for 4.5 Billion Shekels

Shikun & Binui announced on July 29, 2026, the signing of a binding agreement to sell its entire energy subsidiary, Shikun & Binui Energy, to Generation Capital for approximately 4.5 billion shekels. The deal will provide Shikun & Binui with a cash inflow of about 3 billion shekels after taxes and transaction costs. This transaction follows a prolonged control battle between Generation Capital and the Keystone fund, with Keystone at one point offering a higher cash price without conditions. The final price includes a future contingent consideration mechanism, reflecting a significant increase over the initial offer.

The sale is expected to reduce Shikun & Binui's consolidated debt by around 5.5 billion shekels and increase its equity by a similar amount due to a capital gain exceeding 1.5 billion shekels. CEO Amit Birman described the transaction as a "defining strategic event" that will transform Shikun & Binui into a nearly debt-free company, with mostly project-related debt remaining. The company, long considered highly leveraged, plans to use the proceeds to accelerate development in its core business areas.

The deal underwent extensive review by the Israeli Competition Authority and the Electricity Authority amid concerns about excessive concentration of electricity production assets in one player. Shikun & Binui's controlling shareholder is Nati Saidoff. The company expects the transaction to significantly strengthen its financial position and operational focus going forward.