Ellomay Capital Announces Execution of an Agreement to Sell the Control Stake in the Company to O.Y. Nofar Energy Ltd.

Core Viewpoint - The transfer of control from current shareholders to Nofar Energy is aimed at ensuring Ellomay's future growth and stability while maintaining its operational integrity and management team [2][3]. Group 1: Transaction Details - S. Nechama Investments, Kanir Joint Investments, and Anat Raphael, holding approximately 45.9% of Ellomay's shares, agreed to sell their holdings to Nofar Energy, valuing the company at NIS 1 billion (approximately $310.4 million) [1][2]. - The sale is contingent upon receiving regulatory approvals from the Israeli Electricity Authority and the Israeli Competition Commissioner within 90 days, with possible extensions of up to 90 days if necessary [2][4]. - Nofar has the right to terminate the sale agreement under specific conditions, including if Ellomay engages in significant new transactions or changes its operational focus [2][3]. Group 2: Management and Strategic Goals - Ran Fridrich will continue as CEO of Ellomay, ensuring continuity in leadership during the transition [2][3]. - Nofar's acquisition is a strategic milestone that aligns with its growth strategy, allowing entry into the conventional energy sector and creating operational synergies between the two companies [2][3]. Group 3: Company Background - Ellomay Capital Ltd. focuses on renewable energy and power generation in Europe, Israel, and the USA, with a portfolio that includes solar power plants and other renewable projects [5][6]. - The company has significant investments in various renewable energy projects, including solar plants in Spain and Italy, and a stake in one of Israel's largest private power plants [9].