Photo Credit: Abir Sultan / Flash 90
Israeli shekels

Israel’s Elco Ltd holding company announced Sunday that it has agreed to buy Granite HaCarmel Investments from the Azrieli Group real estate developer for the sum of NIS 1.02 billion ($290 million).

Granite HaCarmel owns the cooking gas distributor Supergas. Azrieli is shedding its non-real estate units in order to focus more clearly on its core business.

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The two sides say the deal is expected to be finalized by October 31, according to Reuters.

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Hana Levi Julian is a Middle East news analyst with a degree in Mass Communication and Journalism from Southern Connecticut State University. A past columnist with The Jewish Press and senior editor at Arutz 7, Ms. Julian has written for Babble.com, Chabad.org and other media outlets, in addition to her years working in broadcast journalism.