TDR acquires Delek Europe

Media reports have named TDR as the buyer, which is described by Delek simply as a "foreign fund". TDR declined to comment.

TDR will pay €180m in two equal cash instalments, with the first €90m to be paid on the date of the transaction's completion and the second to come a year later with a 5% annual interest.

The remaining €175m will come in the form of a vendor loan from Delek for a period of five years and three months, and with a 5% yearly interest rate.

TDR is wholly acquiring Delek Europe, buying Delek Petroleum's 80% shareholding in the business and Delek Israel Fuel Corporation's 20% stake.

Delek began negotiations with a buyer in February last year regarding a sale of its European operations.

Company
Delek Europe was established in 2007 when subsidiary Delek Benelux acquired 870 Texaco petrol stations and 410 convenience stores in the Benelux region. In 2010, Delek Europe purchased the retail activity of BP France – comprising 401 petrol stations, 356 convenience stores and 235 car washing facilities – and formed Delek Europe's other subsidiary, Delek France.

The division is headquartered in Breda in the Netherlands. It recorded revenues of ILS 15.4bn (approximately €3.2bn) in 2013, down from ILS 16.3bn in 2012.

People
Boaz Chechik is the CEO of Delek Europe while Ilan Shaffir is its chairman.

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• Topics
• Buyouts
• Benelux
• Industrials
• Netherlands
• TDR Capital