Acquisition of IPM shares by the Keystone Fund begins: The court rejected Ben Moshe's application for a restraining order

The Tel Aviv District Court today rejected the businessman’s request Moti Ben Moshe , to issue a temporary restraining order against the completion of the transaction for the sale of the holdings of Leumi Partners and Keren Noy at the station The IPM power, in the hands of Foundation Keystone
Reit. Following the decision, Keystone can now complete the transaction and she It is expected to do so within a week, after having already received the approvals of the Electricity Authority, the Competition Authority, and the financing banks.

The Tel Aviv District Court and the judge of the Economic Department, Khaled Kaboub, also granted Ben Moshe’s second request for a temporary injunction against the entry into force of the agreement entered into between Keystone and businessman Ehud Ben Shach. This rejection was valid, both for the agreement between Keystone and Ben Shach and for the cancellation of the previous control agreement at Global Power, on which Ben Shach was signed with the Kero Eco company.

Keystone, which is controlled by Roni Biram, Gil Deutsch and Navot Bar, recently signed a broad deal to purchase a 34% stake (in a chain) at the IPM power plant, in exchange for a total payment of NIS 600 million. As part of the transaction, Keystone will acquire from Keren Noy and Leumi Partners Holdings in the companies that own the power plant, for a total amount of NIS 293 million in equal parts (NIS 146.5 million for each of them).

At the same time, Keystone signed an agreement with the Phoenix Group, to purchase holdings and loans for the station’s companies for NIS 307 million. As part of the transaction (which has already been completed), Keystone purchased approximately 10.5% of the shares of JP Global Public from Phoenix, as well as loans provided to JP Global and one of its owners, Ehud Ben Shach, which can be converted into IP shares. If the holdings. One of the parties will not connect to a third shareholder in the company (for example, Ben Moshe), and each party will grant the other party the first right to purchase his holding in the event of its sale. It was after this deal undermined Ben Moshe’s chances of taking over Global Power, even though he owned 46.66% of its shares, after acquiring ownership of the Kero Eco company (which owns 34.8% of Global Power) from the Caspi family.

In the lawsuit to the court, Ben Moshe claimed, among other things, that the agreements made by Keystone were made in violation of the law, and in violation of other agreements, including the agreement between Kero Eco and Ehud Ben S. However, the judge ruled in his decision that there is no reason to grant the request for temporary relief, since it can not be determined at this stage that the chances of a lawsuit are high enough to justify the intervention of the court. “

The IPM power plant is located in the Beer Tuvia industrial zone and operates using natural gas. The station began commercial operation in February. 2021, and has an installed capacity of about 451 megawatts in a combined cycle.

The station is controlled by a chain of companies: Triple-M (84) %) Held by IPM Holdings (51%) of which 40% of its shares are held by the listed company JP Global Power. Ben Moshe, through its Blue Square Alon company, owns 46.66% of the shares of JP Global Power, as well as 15.24% of the shares of the private company IPM Holdings

. Add to topics that interest me