Gadot Chemical Tankers and Terminals Ltd. and Adani Ports and Special Economic Zone Limited (NSEI:ADANIPORTS) agreed to acquire Haifa Port Company Ltd. from Israel for NIS 4.1 billion on July 14, 2022. Under terms of transaction, Consideration consist of NIS 0.15 billion which is the supplementary bonus added by the authority to the bid value considering the company's container experience, in accordance with the tender document and NIS 3.9 billion includes NIS 0.93 million Cash and Cash equivalents. .

In related transaction, Bidder Infuse NIS 1 billion in Haifa Port Company Ltd. The deal to be 75% debt financed and 25% from equity. The concession period of Haifa Port remains up to 2054. With the acquisition of the Port of Haifa, Adani Ports and Special Economic Zone Ltd will expand its footprint into the European port sector, which includes the lucrative Mediterranean region.

From the bid sale proceeds, NIS 1 billion is given to HPC as an "Investment Amount" for which additional shares will be allocated to the buyer. NIS 400 Million is to be invested for development of fixed assets which include port infrastructure including equipment and remaining Investment Amount can be used for investments in infrastructure and equipment as per the company's needs. The deal is accretive for Adani.

Rona Bergman Naveh and Tal Danon Shenhav of Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co. acted as finance and legal due diligence providers to Governmental Companies Authority and the Ministry of Finance of Israel in this transaction.