Leumi Partners Acquires 20% Stake in Delek Israel for 213 Million Shekels

Leumi Partners, the real estate investment arm of Bank Leumi managed by Victor Vakrat, has finalized the purchase of a 20% stake in Delek Israel for 213 million shekels. The deal values Delek Israel at approximately 850 million shekels pre-money and around one billion shekels post-money. The parties signed the final agreement this morning.

Delek Israel, controlled by public company Lahav L.R. and private firm B.G.M., plans with Leumi Partners to accelerate the development of its strategic plan, leverage synergies within the group, and expand its retail operations. Their goal is to prepare Delek Israel for an initial public offering in the coming years. Part of the investment from Leumi Partners will fund the equity required for Delek Israel to complete its recent acquisition of HOT Mobile.

In the HOT Mobile deal, Delek Israel (40%), Keystone Infrastructure Fund (40%), and Leumi Partners (20%) jointly purchased the cellular company from Patrick Drahi's Altice Group, valuing HOT Mobile at about 1.2 billion shekels. Delek Israel is managed by Yoram Eyal and is owned 39.6% by Lahav L.R. (controlled by Avi Levi), 35.4% by B.G.M. (owned by Uri Menzur), and 25% by Delek Group, controlled by Yitzhak Tshuva.

Delek Israel operates 239 fuel stations, making it the second-largest in the sector, along with 207 convenience stores under the Joe Delek brand. It holds a 70% controlling stake in the company licensed to operate Burger King in Israel and a 30% stake in Zappa live music venues alongside German giant Eventim. The company also owns a coffee factory, a gas marketing firm, and fuel sales operations for ships and aircraft, including the Israeli Defense Forces. Delek Israel generates annual revenues of about 5 billion shekels and an economic EBITDA of approximately 200 million shekels.