OPC Energy Ltd. (TASE:OPCE) signed an agreement to acquire an unknown stake in Gnrgy Ltd. from Ran Eloya for NIS 18.2 million on April 12, 2021. Gnrgy's founder will retain the remaining interests in Gnrgy and enter into a shareholders' agreement with OPC, which will among other things give OPC an option to acquire a 100% interest in Gnrgy. OPC intends to finance the transaction from its own sources.

Completion of the Transaction is subject to certain conditions, including approval (or an exemption) from the Israel Competition Authority. The transaction is expected to be completed in 2 stages over 11 months with the majority of the purchase price earmarked for funding of Gnrgy's business plan including repayment of existing related party debts. On May 9, 2021, OPC Energy invested approximately NIS 19.8 million in Gnrgy against issuance of Gnrgy shares to OPC.

In addition, OPC acquired from Ran Eloya in exchange for a consideration of NIS 5.2 million, such that OPC holds approximately 27% of Gnrgy's share capital and the Ran Eloya holds approximately 73% of its share capital. During a period ending on December 15, 2021, OPC is to invest in Gnrgy an additional amount of about NIS 29 million, against issuance of additional Gnrgy shares. In addition, on December 15, 2021 OPC is to acquire additional shares from Ran Eloya, in exchange for an aggregate consideration of NIS 13 million in such a manner that upon completion of acquisition of the additional shares, as stated, OPC will hold about 51% of Gnrgy's share capital and Ran Eloya will hold about 49% of its share capital.

Yuval Lazi of Barnea & Co acted as legal advisor to Gnrgy.