Tao Tsuot buys 9% of Ten Petroleum at $60m valueadmin
Tao Tsuot Ltd. (TASE: TAO-M) has acquired 9% of Ten Petroleum Co. Ltd. from Fishman Holdings for $5.4 million, giving a company value of $60 million for Ten Petroleum. Fishman Holdings also granted Tao Tsuot first refusal rights on the sale of Ten Petroleum shares. The deal tightens Tao Tsuot chairman Ilan Ben-Dov’s collaboration with Eliezer Fishman, following Tao Tsuot’s recent acquisition of a stake in Darban Investments Ltd. (TASE: DRBN).
In a separate transaction, Tao Tsuot sold its 20% stake in Ma’ariv Holdings Ltd. (TASE: MARV) to the latter’s controlling shareholder, the Nimrodi family, for NIS 142 million. Tao Tsuot will also exercise 7.7 million options in Gilon Investments (1979) Ltd. (TASE:GILN) for NIS 25.2 million. The courts also granted Gilon permission to distribute a NIS 30 million dividend.