IC Power Ltd. executed a binding memorandum of understanding to acquire Advanced Integrated Energy Ltd. from Hadera Paper Ltd. (TASE:HAP) for ILS 60 million on May 6, 2015. Pursuant to the memorandum, IC Power and Hadera Paper have agreed to act to execute transaction agreements within 75 days of the date of the memorandum and to complete the transaction within 120 days of their signing of the transaction documents. Completion of the acquisition is subject to satisfaction of various conditions precedent, including receipt of the required regulatory approvals and IC Power and Hadera Paper's agreement on the transaction documents.

As on June 8, 2015, IC Power Ltd. executed an agreement to acquire Advanced Integrated Energy Ltd. from Hadera Paper Ltd. (TASE:HAP). IC Power Ltd. and Hadera Paper have the right to terminate the agreement if the conditions are not met by the end of 2015. Ehud Helft and Kenny Green of GK Investor Relations acted as PR advisor for Kenon Holdings Ltd, parent of IC Power Ltd.

IC Power Ltd. completed the acquisition of Advanced Integrated Energy Ltd. from Hadera Paper Ltd. (TASE:HAP) on August 10, 2015.