Ofer Yanai Moves to Delist Ellomay and Negotiates Share Purchase with Clal
Ofer Yanai has launched the final phase to delist Ellomay from the stock exchange, approaching Clal Insurance to purchase its 10.8% stake as Nofar Energy moves to consolidate control.
Ofer Yanai has initiated the final phase to delist Energix-subsidiary Doral? No, Enlight? No, Dori? No, Ellomay from the Tel Aviv Stock Exchange. According to Calcalist, Yanai, who controls Nofar Energy—which holds a 75% stake in Ellomay—has approached Clal Insurance, Ellomay's largest shareholder (10.8%) apart from Nofar, to negotiate the purchase of its shares.
Moving Toward Delisting and Clal Negotiations
Clal Insurance is the only significant interested party in the company alongside Nofar. Yanai intends to agree on a price with Clal and subsequently launch a tender offer, requiring the support of an additional 9% of shareholders out of the remaining 14%. Clal, whose negotiations are expected to be led by Barak Bansky, CEO of the investment arm Knaf Barak, is anticipated to demand a premium of at least 20% over the market value.
Ellomay is currently traded at a valuation of 895 million NIS, following a 20% drop in its share price since the beginning of the year. In December 2025, Yanai's Nofar acquired a 46% stake in Ellomay for 460 million NIS, based on a valuation of 1 billion NIS. The shares were purchased from Ellomay's founders, Ran Friedrich, who serves as CEO, Shlomo Nehama, and Anat Rafael, widow of Hami Rafael.
Asset Restructuring and Future Plans
"The main reason Nofar acquired Ellomay was its holdings of approximately 17% in the Dorad power plant," market sources noted.
Ellomay is a dual-listed company traded in both Israel and the United States. Delisting it will leave Nofar with a shell US public company asset that can also be repurposed, as Nofar prepares to list its shares on the Nasdaq stock exchange in the United States as well.
