March 16, 2020 / 12:27 PM / 18 days ago

Israel's Delek to sell rest of desalination firm IDE for $44 million

TEL AVIV (Reuters) - Israeli energy conglomerate Delek Group (DLEKG.TA) said on Monday it agreed to sell its remaining stake in water desalination company IDE Holdings for 164 million shekels ($44 million) in cash to Alpha Water.

The deal is subject to regulatory approval and Delek, which has been hard hit by falling oil prices, said it is due to receive the cash by March 27.

Alpha Water already owns 80% of IDE.

Reporting by Tova Cohen; Editing by Steven Scheer

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