Keystone

The Ministry of Communications has approved the transfer of control over cellular provider Hot Mobile from Altice to a group led by Delek Retail and the Keystone fund. The deal is valued at 1.8 billion shekels.

Keystone CEO Navot Bar stated that the Egged IPO is planned for 2027: "It is already in the works." The infrastructure company raised its 2030 equity target by 50% to 6 billion shekels.

The Keystone fund, which previously competed to acquire Shikun & Binui Energy, has reported strong financial results: a 71% jump in return on equity and an investment portfolio exceeding 4.7 billion shekels. What does this mean for investors and pension funds?

The infrastructure fund Keystone is initiating the IPO process for Egged, targeting an 8 billion shekel valuation. Meanwhile, the fund reported a 77% decline in net profit for the second quarter of 2026, down to 32 million shekels.

The Keystone fund and Edeltech have requested that the Electricity Authority accelerate the conversion of their loan into equity in the Sorek power plant. This move suggests that Keystone may have abandoned its bid to acquire Shikun & Binui Energy.

Shikun & Binui has established tiered penalties for withdrawing from the sale of Shikun Energy to the Generation fund. The compensation reaches 300 million shekels if the company accepts a competing offer from a major industry player.