Israel Petrochemical Enterprises Sells Avgol Subsidiary to Private Equity Firm

Israel Petrochemical Enterprises (Tel Aviv) has approved the sale of a 45% stake in its Avgol (Tel Aviv) subsidiary to private equity firm Ethemba Capital (London) for $106.8 million. The parties have agreed an additional $16 million payment dependent on Avgol’s 2013 results. Following the sale, Israel Petrochemical Enterprises will hold 21% in Avgol with the remainder traded on the Tel Aviv Stock Exchange. Israel Petrochemical Enterprises, which owns a minority stake in Oil Refineries (Haifa), decided to divest the stake to ease its $500 million debt...

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