The JTLV 2 fund, managed by Amir Biram, Ariel Rotter and others, is buying 70.7% of Elad Israel Residence (Elad Yisrael Megurim Hahadashah) from Yitzhak Tshuva, the controlling shareholder in Delek Group Ltd. (TASE: DLEKG). Elad Israel Residence, which deals in residential construction, is part of Tshuva's privately owned group of companies. He put the company up for sale a few weeks ago, in an attempt to boost his liquidity. RELATED ARTICLES Auditors attach 'going concern' warning to Delek Delek Group board decides to raise NIS 300m Delek Group bondholders issue ultimatum Delek Group sells Cohen Development stake Elad Israel Residence CEO Ronen Jaffa will hold 4.3% of the company. JLTV will pay Tshuva NIS 195 million, valuing the company at NIS 275 million. The JTLV 2 fund manages about NIS 1 billion. Tshuva tried to sell 71% of Elad Israel Residence to Israel Canada at a higher valuation, NIS 290 million, and an MOU was signed just over a month ago, but Israel Canada pulled out of the deal. Published by Globes, Israel business news - en.globes.co.il - on May 3, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
