Felber secures deal to acquire 50 percent of IDE shares

Israel Chemicals Limited (ICL) has sold its 50 per cent stake in desalination company IDE Technologies for $177.7 million in cash.

The buyers are a limited partnership where the general partner is a company controlled by IDE chief executive Avshalom Felber, and limited partners are Clal Insurance, and the Israeli teachers’ union educational funds’ group.

The deal is anticipated to close in 2017, subject to regulatory clearance.

Fresh talks over the sale of the 50 per cent were revealed in April 2017, after talks in 2016 aimed at securing a sale price for the entire company of between $700 million and $1 billion failed.