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Israel's NewMed Energy will be sold at a value of NIS 28 billion? - Walla! Of money


The energy giants BP and ADNOC submitted an offer to purchase 50% of NewMed Energy at a value of NIS 14.1 billion

Yossi Abu, CEO of NewMed Energy (Photo: Inbal Marmari)

A short time ago, NewMed Energy, under the management of Yossi Abu, reported that it had received a non-binding indicative offer letter from the two international energy companies BP and ADNOC, for the cash purchase of all participation units of the partnership held by the public (45%), as well as 5% of units The participation held by the Delek Group, so that after the completion of the transaction, the companies, BP and ADNOC will hold 50%, and the Delek Group will hold 50%, of the capital rights and control in NewMed Energy.

According to the offer, and subject to meeting various conditions, the two companies together (BP and ADNOC) will pay a payment of NIS 12.05 per unit purchased.

This price reflects a premium of approximately 72%, relative to the closing price of the units on the stock exchange on 03.26.23 or a premium of approximately 76% and approximately 60% relative to the average closing price of the units in the 30 and 90 trading days prior to the aforementioned date (respectively). As part of the proposal, among other things, the conditions that the companies wish to settle with Delek Group in connection with the joint control were detailed.

The main points of the proposal:

The energy giants BP and ADNOC have submitted an offer to purchase 50% of NewMed Energy at a value of


14.1 billion

. NewMed Energy will become a private corporation jointly controlled by the two companies (50%) and by the Delek Group (50%)

Yesterday, the NewMed Energy board held a discussion regarding the proposal and decided to appoint an audit committee, which will include only three external directors.

The audit committee was authorized to examine and decide on any issue related to the purchase of the public units in the proposed transaction, including conducting independent negotiations with the companies and the Delek Group, in accordance with the interests of the partnership and the holders, and formulating its recommendation to the board of directors regarding the transaction.

Approval of the deal will be done by way of approving the arrangement according to section 350 of the Companies Law, will be subject to obtaining the approval of the court which will oversee the arrangement and will require, among other things, the approval of the general meeting by a majority of the unit holders from among the public.

Yossi Abu, CEO of NewMed Energy

: "The offer we received today is the result of the warm relationships and bridges we have built in recent years with the energy companies operating in the region and is the most important and significant expression of confidence received by the Israeli gas industry in general, and in NewMed Energy's activities and its assets in particular.

ADNOC and BP are huge companies, one of the leaders in the world, and their proposal brings value to our investors, will launch NewMed Energy, and will march it from the regional arena to the global arena."

Yossi Abu with Morocco's Minister of Energy, Laila Ben Ali.

The company in Nahiolo is turning from a regional player to a global player (Photo: NewMed Energy)

on the submitters of the purchase offer

About BP

BP is an international British oil and gas company, headquartered in London, England.

BP is one of the most important oil and gas companies and one of the largest companies in the world in terms of profits and revenues.

It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, power generation and trading.

The value of the company is estimated at about 110 billion dollars.

About ADNOC The Abu Dhabi National Oil Company)

ADNOC is the national oil company of the United Arab Emirates, which is owned by the state.

ADNOC is the largest oil company in the United Arab Emirates and the 12th largest in the world by production.

As of 2021, the company has a production capacity exceeding approximately 4 million barrels, with plans to increase production capacity to approximately 5 million barrels by 2030.

  • Of money

  • world money


  • energy

  • Natural gas

  • Yossi Abu

Source: walla

All business articles on 2023-03-28

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