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Delek Group Buys Canadian Energy Operator for $590m

Published in Oil Industry News on Wednesday, 17 May 2017


Graphic for News Item: Delek Group Buys Canadian Energy Operator for $590m

Israel’s Delek Group is acquiring the Canadian company Ithaca Energy, an oil and gas operator in the North Sea, through its DKL Investments wholly owned foreign subsidiary. The deal is worth $590 million.

Delek Group of Herzliya leads natural gas exploration and production activities in the Eastern Mediterranean’s Levant Basin, including Tamar and Leviathan, two of the world’s largest natural gas finds since 2000. Delek Group also has assets in downstream energy and water desalination. The acquisition of Ithaca Energy is part of its strategy to expand its international operations.

In another Canadian-Israeli deal this month, multiplatform music provider Stingray Digital Group of Montreal paid $35 million to acquire four-year-old Yokee Music of Yehud, developer of three social music apps that have been downloaded some 80 million times.

On May 11, Petah Tikva-based CyberArk Software cybersecurity company paid $42 million in cash to acquire DevOps security software company Conjur of Newton, Massachusetts. A CyberArk statement explained that the deal “extends CyberArk’s reach deeper into the DevOps lifecycle to protect secrets and manage machine identities.”

On May 9, Israeli molecular diagnostics company GeneSort announced its acquisition by Hong Kong investment fund AID Partners for $23 million. GeneSort develops diagnostic services in cancer and hereditary diseases to support personalized treatment plans. AID Partners will help the company expand into Southeast Asia and other global markets. Based in Herzliya, GeneSort has offices and laboratories in central and northern Israel.

Source: www.thetower.org

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