Delek Drilling files for London IPO for spin-off
Delek Drilling has filed with the Financial Conduct Authority to list a spin off on the London Stock Exchange that would own the Leviathan and Aphrodite fields.
Agmon & Co. Rosenberg Hacohen & Co.’s Capital Markets department is representing Delek Drilling – Limited Partnership (TA35) in a first-of-its-kind Spin-Off transaction of publicly traded limited partnership.
Under the contemplated transaction, Delek Drilling will transfer its major assets, including “Leviathan” and “Aphrodite” gas fields, to a new public foreign Company, against issuance of shares that will be distributed to Delek Drilling unit-holders and listed for trading on the London Stock Exchange, with the possibility of a dual-listing on the Tel Aviv Stock Exchange.
In an article in Globes, CEO Yossi Abu said “At this time there is no certainty that the spin off process will be implemented. The spin off process and its different components depend, among other things, on the receipt of regulatory approvals in Israel and abroad and obtaining commercial agreements and approvals from third parties.”
