Shikun & Binui and Generation Fund Near Final Deal on Shikun & Binui Energy Acquisition

Shikun & Binui, led by CEO Amit Berman, and the Generation Fund are in the final stages of signing an agreement for the acquisition of Shikun & Binui Energy after several extensions of exclusivity. The deal follows about two months of intense negotiations focusing mainly on the final price, completion of due diligence, and penalties related to regulatory approval or competing offers. The transaction will be executed through a triangular reverse merger via the subsidiary PowerGen, managed by Dan Kleinberger.

The newly revealed final price for the deal is 4.3 billion shekels, plus an additional 150 million shekels for the elapsed time until closing. This is slightly lower than the 4.2 billion shekels plus a conditional payment of up to 300 million shekels outlined in the initial memorandum of understanding. The final price excludes any conditional payments, unlike a competing offer from Keystone.

Generation Fund has secured significant internal funding sources, including a capital raise of about one billion shekels completed two months ago with participation from leading institutional investors, approximately 800 million shekels in fund reserves, and additional investors expected to join the merged company. A newly disclosed term includes Generation agreeing to a penalty of around 300 million shekels if regulatory conditions prevent deal completion, while Shikun & Binui agreed to a similar penalty if it accepts a competing offer.

Generation has expressed confidence in satisfying regulatory requirements, with some measures already underway, such as share swap deals with Rafek Energy Reinder and Nofar Energy, to facilitate approval.

Summary: Shikun & Binui and Generation Fund are close to finalizing a 4.3 billion shekel acquisition of Shikun & Binui Energy, resolving key pricing and regulatory conditions after months of negotiation and securing substantial funding.

Points: - Shikun & Binui and Generation Fund near signing deal for Shikun & Binui Energy acquisition. - Final price set at 4.3 billion shekels plus 150 million shekels for elapsed time. - Deal structured as a triangular reverse merger via PowerGen subsidiary. - Generation Fund secured nearly one billion shekels in capital and other funding. - Both parties agreed to 300 million shekel penalties tied to regulatory or competing offer risks. - Generation confident in meeting regulatory conditions with ongoing preparatory transactions.

Topic: economy israel_relevant: true Entities: {"people":["Amit Berman","Dan Kleinberger"],"organizations":["Shikun & Binui","Generation Fund","PowerGen","Keystone","Rafek Energy Reinder","Nofar Energy"],"places":[]}