Noy Infrastructure Fund managed by Poalim Ventures Ltd. and Clal Insurance Enterprises Holdings Ltd, Investment Arm agreed to acquire 50% stake in Merimon Natural Gas North Ltd. from C. Mer Industries Ltd. (TASE:CMER) for ILS 50.8 million on August 25, 2019. Pursuant to the terms, the buyer will pay ILS 32.8 million for 50% stake and will also pay an additional ILS 3.6 million for every 10 million cubic meters of cubic meters of adjusted customer consumption in an annual calculation exceeding 150 million cubic meters, for each of the years 2020-2024. The transaction is subject to receipt of customary approvals including obtaining the consent of the Merimon financing bank to transfer control measures to Marimon, the consent of the financing companies, whose liens are floating on all of the assets of C. Mer Industries and the approval of the Commissioner of Competition. The last day of completion of suspending conditions is November 30, 2019. The transaction is expected to complete by the end of November. As of September 10, 2019, the transaction is approved by the competition commission. As of October 29, 2019, The Ministry of Energy has approved the transaction.
Noy Infrastructure Fund managed by Poalim Ventures Ltd. and Clal Insurance Enterprises Holdings Ltd, Investment Arm cancelled the acquisition of 50% stake in Merimon Natural Gas North Ltd. from C. Mer Industries Ltd. (TASE:CMER) on August 25, 2020.