Business brief
Corporate Reach Abroad and Capital Battles at Home
Israeli groups secure American microchip and energy assets while domestic titans clash over European exchange expansion, airline valuations, and gas contracts.
Business
Antitrust clearance removed the final regulatory roadblock — shifting the $6.7B Leviathan gas dispute into court as partners fight over pricing terms.
BackgroundDalia Energy operates the Tel Tzafit generating station and acquired the Eshkol power plant site, seeking long-term natural gas fuel security to service senior bank debt. The Leviathan partners attempted to cancel the commercial supply contract last month, claiming critical financial closing dates had lapsed.
- Regulators dismissed third-party competition objections without conditions, confirming that the long-term fuel contract complies fully with domestic antitrust and market-share rules.
- NewMed and Ratio reiterated that their September cancellation notice remains legally binding, setting up an immediate courtroom battle over contract validity and pricing terms.
- Dalia rejected the termination outright, warning that losing contracted gas volumes threatens cash flows required to service €437M in project financing for the Eshkol station.
Business
TASE is bidding for Nicosia to secure an EU regulatory passport — transforming Israel's domestic bourse into a multi-national European exchange operator.
BackgroundThe Cyprus Stock Exchange is preparing for full state privatization, attracting takeover interest from regional European exchange consolidators. TASE chief Ittai Ben-Zeev has steered the demutualized Israeli exchange toward international expansion under a corporate holding company model.
- The proposed acquisition encompasses the Nicosia bourse's central securities depository and custody apparatus alongside its electronic matching engine, giving TASE sovereign clearing infrastructure.
- Ownership of an EU-regulated exchange allows TASE to offer cross-border listings and passporting, letting dual-listed Israeli companies access European institutional pools directly.
- The expansion anchors TASE's five-year roadmap targeting 15% to 18% annual revenue growth, opening recurring software, index, and clearing revenue streams.
Business
PCB Technologies paid $120M to secure a Silicon Valley fab — buying direct access to US defense procurement rules that exclude overseas electronics.
BackgroundPCB Technologies manufactures advanced circuit boards and microelectronic packaging modules for aerospace and defense contractors from its northern Israeli fabrication plant. Western defense procurement rules increasingly mandate domestic manufacturing facilities on US soil to secure critical supply chains.
- The acquisition is valued at an EV/EBITDA multiple of 7.6 and is funded through credit arrangements provided by two Israeli commercial banks.
- Gorilla Circuits adds 700 North American enterprise customers, with 40% of revenues originating from US military and aerospace programs that restrict foreign suppliers.
- The California facility will accelerate direct overseas delivery of PCB Technologies' proprietary miniaturized microchip packaging solutions without navigating cross-border export bottlenecks.
Business
Former Nofar executives deployed Bank Hapoalim debt into Minnesota — locking in 15-year utility capacity contracts as US power grids tighten.
BackgroundStark Power was established by former executive leaders from Israeli clean energy giants Nofar Energy and Enlight Renewable Energy to invest in US grid assets. American regional transmission organizations face mounting capacity shortages due to power demand from hyperscale artificial intelligence data centers.
- The consideration involves $27.5M in upfront cash backed by an $85M credit facility from Bank Hapoalim, reserving capital for scheduled battery expansion works.
- The assets are projected to generate up to $33M in annualized earnings supported by 15-year tolling agreements with Northern States Power and Basin Electric.
- The transaction diversifies Stark Power's balance sheet into steady capacity revenue streams across the Midcontinent Independent System Operator grid, insulating cash flows from merchant volatility.
Business
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