Dor-Alon Confirms It's Buying AM:PM

Founders to get NIS 143 million plus NIS 12 million more for advisory services

Dor-Alon this morning confirmed the exclusive report in TheMarker that it's buying the AM:PM supermarket chain, for NIS 143 million.

Founders Guy Edry and the brothers Ran and Gal Belinkes will be receiving NIS 2 million more for consultancy services, during a year from the closing. They will also get NIS 10 million more for assisting in opening 20 more branches through the next three years.

Buying AM:PM makes Alonit, the chain of convenience stores that Dor-Alon runs at its gas stations, the biggest such chain in Israel, commented the energy company's chief operations officer.

Dor-Alon CEO is Yaniv commented that the acquisition is a strategic one, designed to provide an answer to changes in Israel's energy sector. "Expanding the Super Alonit chain to the cities is like the 7/11 strategy."