Edeltech Ltd. signed a share purchase agreements to acquire the remaining 42.15% stake in Ezotech Electric Ltd from Zorlu Enerji Elektrik Üretim A.S. (IBSE : ZOREN) for approximately $5.405 million on May 24, 2024. Edeltech Group to acquire the full holdings of Zorlu Energy in Ezotech Electric, a joint venture through which Edeltech and Zorlu own power plants through Ashdod Energy and Ramat Negev Energy. The joint venture has cogeneration production licenses, and an aggregate electricity production capacity of 190 megawatts, along with related industrial services provided to nearby factories. Currently, Edeltech and Zorlu owned 57.85% and 42.15% of Ezotec Electric respectively. On completion of the deal, which is subject to various conditions, including receiving regulatory approvals and the approvals of related bodies, the Edeltech Group will hold a 100% stake in each of the two power plants. Zorlu Energy to sell 4,215 shares, each valued at ILS 1 ($0.271), in the ILS 10,000 ($2,717.91) capital of Ezotech Electric Ltd.("Ezotech") for $5,405,406, together with all rights and obligations, provided that the necessary conditions are met and legal permissions are obtained. As a result of this sale, our indirect subsidiaries Ashdod Energy Ltd. and Ramat Negev Energy Ltd., both 100% subsidiaries of Ezotech, along with the Ashdod and Ramat Negev natural gas power plants, will also be transferred to Edeltech. Additionally, within the scope of this sale, our financial receivable, amounting to $28.92 will be collected from Ezotech.

Edeltech Group was represented in the deal by Advs. Mike Rimon, Dorin Pendus and Yonatan Gazit of the Meitar Liquornik Geva Leshem Tal & Co acted as legal advisor to Edeltech Group. Zorlu Energy was represented by Advs. Michal Lifton Sitbon, Yigal Binyamini and Daniel Amitai of the Goldfarb Gross Seligman acted as legal advisor to Zorlu Energy.