Menora Mivtachim Holdings Ltd (TASE:MMHD) signed an agreement to acquire 40% stake in E.R.N. Israel Ltd. from S.I.B. Ltd. for approximately ILS 100 million on September 8, 2016. The consideration is subject to adjustments (subject to ERN’s financial results of 2016, 2017 and 2018). S.I.B. will sell in stages and under certain conditions a portion of its stake in E.R.N. Upon completion of 40% stake sale, S.I.B. and Menora may grant a shareholders loan to ERN, in proportion to their stake. S.I.B. provided to E.R.N. a call option to acquire additional 10% stake, an exercise price to be calculated according to E.R.N.'s earnings at a period which will precede the exercise period, which is of 12 months from February 25, 2022. In the event of exercise of call option, Menora will provide a put option to S.I.B. for S.I.B. to sell the remaining stake in E.R.N. to Menora, at an exercise price to be established according to mechanisms. This put option will be valid for 36 months from the exercise of the call option. Menora Mivtachim Holdings Ltd (TASE:MMHD) completed the acquisition of 40% stake in E.R.N. Israel Ltd. from S.I.B. Ltd. on January 12, 2017.