The Israeli “Ideltec” group acquired the Turkish “Zorlu Energy” stake in the Israeli company Esotec, according to the Israeli newspaper Globes.
The two companies, Idealtec and Zorlu, shared the shares of “Isotec”, with the Israeli company owning about 57.85%, and the remaining 42.15% stake belonging to the Turkish company.
The deal – worth NIS 127 million ($34.2 million) – includes full ownership of the Ashdod Energy and Ramat Negev power plants, which currently have a combined production capacity of 190 megawatts, Globes said.
Nev Seifer, Executive Vice President of the Ideltech Group, highlighted the strategic nature of the acquisition, and said: “The acquisition of Zorlu’s properties in Ramat Negev Energy and in Ashdod Energy is a strategic step to enhance the control and flexibility of the Ideltech Group,” as quoted by Globes.
Details of the transaction
This deal comes at a sensitive time, coinciding with the first trade embargo ever imposed by Turkey on Israel, amid escalating crises between the two countries, according to Turkish sources.
Zorlu Holding is the largest capital holder among Turkish investment companies in Israel, with an investment estimated at one billion dollars.
Zorlu works specifically in the field of electrical energy, and owns 3 different electricity generation plants in Israel.
Zorlu withdraws under popular pressure
The company’s decision to abandon its investments in Israel came in the wake of large popular campaigns and ongoing protests since the start of the Israeli aggression on the Gaza Strip, in protest against its continued commercial relations with the Israeli occupation.
Calls to boycott the company’s products topped social media platforms in Turkey, after a protest demonstration organized by activists at the Zorlu shopping center in Istanbul, where they denounced the Turkish company’s continued supply of electrical energy to the settlements.
In justification for the decision, the company’s CEO, Sinan Ak, stated that it comes within the framework of the company’s policy to focus on green transformation projects, indicating that the company seeks to be a leader in the transition towards renewable energy, energy efficiency and electricity, in line with its commitments to reduce carbon.
