Nov. 10 (Bloomberg) — Ormat Technologies Inc., a U.S.
developer of geothermal power, is acquiring its Tel Aviv-based
parent company in an all-stock merger.
Existing shareholders of Reno, Nevada-based Ormat
Technologies will retain about 38 percent of the company’s
shares, and Ormat Industries Ltd. holders will own the remaining
62 percent, the company said today in a statement. Ormat said
last month it was considering a restructuring where the parent
company would de-list in Israel.
“Streamlining our corporate structure is a crucial step to
unlocking the value inherent in our business,” Chief Executive
Officer Isaac Angel said in the statement. “We believe that
enhancing liquidity and increasing shareholder base will
translate to increasing shareholders’ value.”
The transaction is expected to close in the first quarter
of 2015, pending shareholder and regulatory approval.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Iain Wilson