August 12, 2019 / 2:33 PM / 6 days ago

Delek in talks to raise $300 million ahead of Ithaca IPO

JERUSALEM (Reuters) - Israel’s Delek Group (DLEKG.TA) said on Monday it was in talks with a range of investors to raise up to $300 million ahead of a planned listing of its Ithaca Energy business.

Delek said it was negotiating with investment funds, trading companies and international financial institutions to make a capital investment against an allocation of shares in Ithaca.

In May, Delek moved closer to a listing of Ithaca when it bought out most of Chevron’s British North Sea oil and gas fields for $2 billion.

In a regulatory filing in Tel Aviv, Delek also said that along with Ithaca, it was in talks to sign oil and gas marketing agreements for three years and receive payments of up to $150 million from international trading firms.

Delek expects to complete the Chevron transaction in the fourth quarter. Ithaca has already received British regulatory approval to gain control of Chevron’s North sea oil and gas fields.

Reporting by Steven Scheer; Editing by Kirsten Donovan

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