Delek Group Ltd. (TASE: DLEKG) reported to the Tel Aviv Stock Exchange this morning that it is in advanced talks to sell UK roadside services company Roadchef to a British investment fund. No financial details were disclosed but market sources estimate that sale could be for about $250 million.
Delek unit Delek Real Estate acquired Roadchef in March 2007. But the UK recession in 2008 hit Roadchef’s financial performance and the British company was sold to parent company Delek, controlled by Yitzhak Tshuva, in 2010.
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The potential sale of Roadchef is part of Delek’s strategy to focus on its core business in energy and gas exploration and production. As part of this strategy the company recently sold, among other things, 15.5% of Delek USA for $260 million.
Published by Globes [online], Israel business news – www.globes-online.com