Azrieli Agrees to Sell Energy Unit Sonol for $130M

YERUSHALAYIM (Hamodia Staff) -

Real estate developer the Azrieli Group said yesterday it had agreed to sell energy unit Sonol Israel to holding company S. Shlomo Holdings for NIS 450 million ($130 million).

Sonol, which is fully owned by Azrieli subsidiary Granite HaCarmel, distributes refined petroleum products and operates a nationwide chain of service stations.

Azrieli said it said it would receive NIS 400 million at the closing of the deal and the remaining NIS 50 million through a loan granted to Granite.

The deal is part of Azrieli’s strategy to stick to its core real estate business, which means selling all or part of Granite.

Azrieli has recently signed memorandums of understanding to sell a desalination plant for NIS 430 million as well as selling paint maker Tambour to a Singaporean firm