Delek's Ithaca to set up infrastructure firm for North Sea assets [Reuters]
DELEK GROUP ADR (DGRLY)
NASDAQ:AMEX Investor Relations:
ir.delek-group.com/investor-relations
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Source: Reuters
Delek's Ithaca to set up infrastructure firm for North Sea assets JERUSALEM, Feb 9 (Reuters) - Israel’s Delek Group said on Sunday its Ithaca subsidiary had signed a non-binding deal with an investment firm to establish a new infrastructure company for Ithaca’s North Sea operations. Ithaca in late 2019 bought Chevron’s North Sea oil and gas fields for $2 billion. Under the deal, which is subject to diligence on both sides, a joint venture between Ithaca and the investment firm will purchase two of Ithaca’s production platforms at an estimated value of $875 million, although the amount could rise above $1 billion, Delek said. Delek, which plans to spin off Ithaca in a London share offering this year, did not name the investment firm, but a source close to the deal told Reuters it was BlackRock. BlackRock was not immediately available to comment. Ithaca will hold 40% of the new infrastructure company, while the investment firm will own 60%. Delek said the parties planned to examine addi
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