Israel: Azrieli sells major fuel and convenience retailer
Israeli real estate company Azrieli Group has agreed to sell its large gas station chain Sonol to Israel Oil and Gas Fund for 364 million shekels ($96 million).
Sonol is controlled by Granite Hacamel, a subsidiary of Azrieli, and has a portfolio of about 240 gas stations and more than 190 convenience stores spread around the country, reported Reuters.
The buyer, Israel Oil and Gas, is a limited partnership controlled by David Wiessman, who until recently was the owner of holding company Alon Blue Square Israel. Alon Blue is the parent company of fuel retailer Dor Alon, a direct competitor of Sonol.
According to Reuters, Azrieli had been trying to offload Sonol for quite some time as it did not fit in its core activities.
