Azrieli Group's Global Environmental Solutions (GES) has acquired Tahal Group International's 28% stake in the Palmachim desalination plant for ILS62m ($16.5m).
The acquisition will give GES full control of Via Maris, which owns the plant, reports globes.co.il.
The sale is part of Via Maris's plan to raise capital for the expansion of the facility, according to the agreement made with the Israel Ministry of Finance's plan to expand seawater desalination plants in the country.
Via Maris will expand the capacity of the Palmachim plant from 45 million cubic metres of water a year to 90 million through an investment of $100m.
