Turbogen Ltd. said it is currently conducting negotiations to acquire a 50% stake in Elbatech Ltd., currently held by Abu Yehiel - Construction Company, a company controlled by businessman Tzachi Abu. The proposed transaction reflects an implied company valuation for Elbatech of approximately ILS 1.2 billion, with the acquired shares valued at approximately ILS 600 million. The consideration to the seller will not be paid in cash, but rather through the allotment of Turbogen shares. Upon completion, Tzachi Abu is expected to hold approximately 55% of Turbogen's share capital, making him the controlling shareholder of Turbogen.
Upon completion of the transaction, Turbogen is expected to restructure its operations and operate through two primary divisions: Turbogen's existing core operations and the Elbatech division.
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