Photo Credit: Abir Sultan / Flash 90
Israel’s Elco Ltd holding company announced Sunday that it has agreed to buy Granite HaCarmel Investments from the Azrieli Group real estate developer for the sum of NIS 1.02 billion ($290 million).
Granite HaCarmel owns the cooking gas distributor Supergas. Azrieli is shedding its non-real estate units in order to focus more clearly on its core business.
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The two sides say the deal is expected to be finalized by October 31, according to Reuters.
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