Leumi buys 20% stake in Delek Israel ahead of Hot acquisition

Several weeks after announcing that it will acquire Hot Mobile, Delek Israel, controlled by Avi Levi and Uri Mantzur, is bringing Bank Leumi’s real investment arm Leumi Partners into the deal. Leumi Partners, managed by CEO Victor Vakrat, will take a 20% stake in Delek Israel at a company valuation of NIS 1 billion, after money, a source close to the deal has said.

According to the plan being formed, Leumi Partners will inject over NIS 200 million, at a company valuation of NIS 850 million, into Delek Israel, which operates, among other things, Delek 239 gas stations and convenience stores across the country.

Hot Mobile accepts NIS 1.88b Delek Israel bid

Last month, Delek Israel signed a memorandum of understanding to acquire Hot Mobile, owned by Patrick Drahi Altice, for about NIS 1.9 billion. The current deal will allow Delek Israel to improve its liquidity capabilities in order to prepare for the deal. It is also being made with a commitment from Levy and Mantsur to lead Delek Israel to an IPO. To date, Delek Israel has already split off from its property company, which owns the gas stations that Delek Israel leases, along with other activities, and floated it on the TASE, where it has a market cap of nearly NIS 900 million.

The ownership structure in Delek Israel includes, in addition to Levy, who owns about 40% through publicly traded Lahav LR, and Uri Mantsur, who has a 35% stake, Yitzhak Tshuva’s Delek Group has a 25% stake. The parties are expected to be diluted following the entry of Leumi Partners.

Hot Mobile has been identified as a new opportunity by Levy’s group. Media tycoon Patrick Drahi is in the process of massively selling assets in his holding company (Altice), and the sale of Hot Mobile is another deal that will help him in this. The future acquisition of a cellular company could help strengthen the retail activity of Delek Israel. In the past, there was a thought of merging the company with Shufersal, but the idea did not move forward. There was also a bid for Israel Post, which failed.

Published by Globes, Israel business news – en.globes.co.il – on February 12, 2026.

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