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JERUSALEM (Reuters) – Elco Holding Company Ltd (ELCO.TA) said Sunday that he agreed to buy Granite Hacarmel Investments from Israeli property developer Azrieli Group (AZRG.TA) for 1.02 billion shekels ($ 290 million).
The purchase price includes Elco's payment of 250 million shekels, the government said in a statement in Tel Aviv.
Azrieli's decision to sell Granite Hacarmel, owner of the Supergas gas distributor, is part of Azrieli's strategy to focus on its core real estate sector.
Both parties intend to finalize the agreement by October 31, 2019.
Report from Steven Scheer; Edited by Tova Cohen
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