Completion of the EMG Transaction – EMG Shares Transferred to EMED

Source Company Press Release
Company Delek Group Ltd., EGAS
Tags Country: Egypt, M&A: Corporate Deal, Deals, Midstream: Pipeline
Date November 03, 2019

Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) refers to the regulatory filing of its subsidiary Delek Drilling (60% owned) with regards to the closing of the EMG transaction.

Further to the Partnership’s immediate report of October 2, 2019 (Ref. no.: 2019-01-100249) regarding the process of the closing of the EMG transaction, in the context of which agreements were signed for the purchase of the shares of East Mediterranean Gas Company S.A.E which owns the EMG Pipeline (the “Purchased EMG Shares”), for the transport of natural gas from Israel to Egypt via the EMG Pipeline, the Partnership hereby respectfully announces as follows:

As of the date hereof, no conditions precedent remain for the EMG transaction, and in this context the full amount of the consideration has been transferred to the escrow agents, the Purchased EMG Shares were transferred from the sellers to EMED, and share deeds were issued in EMED’s name accordingly. Upon the transfer of the full amount of the consideration from the escrow agents to the sellers, which is expected to be performed in the coming days, the EMG transaction will be closed.

In the Partnership’s estimation, the EMG Pipeline and the Egyptian transmission system will be fit for the commercial transport of gas on the date of commencement of the obligation of the Leviathan partners to supply natural gas under the gas supply agreement to Dolphinus Holdings Limited (“Dolphinus”), as specified in the Partnership’s immediate report of October 2, 2019 (Ref. no.: 2019-01-100243).

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