Equital Ltd. (TASE:EQTL) entered into a merger agreement to acquire the remaining stake in J.O.E.L. Jerusalem Oil Exploration Ltd. (TASE:JOEL) for ILS 2.5 billion on October 31, 2018. Equital Ltd. will pay ILS 63 per share along with issuance of 1.836 share of Equital Ltd. per share held in J.O.E.L. Jerusalem Oil Exploration Ltd. The Boards of J.O.E.L. Jerusalem Oil Exploration Ltd. and Equital Ltd. approved the deal. On December 13, 2018, the general shareholders meeting of J.O.E.L. Jerusalem Oil Exploration Ltd. approved the merger. As of February 24, 2019, all suspending conditions for completion have been met except for the receipt of the approvals of the parties regarding the terms of the representations and the fulfillment of the liabilities, which by their nature will be fulfilled immediately prior to the closing date, and receipt of the merger certificate from the Registrar of Companies. The Registrar of Companies is expected to issue the merger certificate by February 25, 2019. Payment of the consideration is to take place on February 27, 2019.