Delek Drilling said it has completed spinning off a 9.25% stake in Israel’s Tamar natural gas field into a new company, Tamar Petroleum, which was scheduled to begin trading in Tel Aviv on July 24.
The Israel-headquartered company has said it expects to get $980 million from selling the stake—about $837 million in cash and the rest in Tamar Petroleum shares, which it will begin selling off in about six months.
Tamar Petroleum in June raised $650 million in a Tel Aviv debt offering and another $330 million in a share offering.
Delek Drilling, a unit of conglomerate Delek Group, said in a statement to the bourse that it had received the necessary regulatory approvals to complete the transaction. It still has a 22% stake in Tamar.
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