Alon Blue Square Announces Agreement to Sell Interest in Diners Club Israel to Credit Card for Israel Ltd

Alon Blue Square Israel Ltd.

 (the "Company") announced today that it reached an agreement, on November 29, 2015, regarding the sale of its interest in Diners Club Israel Ltd. ("Diners"). Under the terms of the transaction, the Company (which holds 36.75% of the share capital of Diners) and Dor Alon Financing Ltd. (a wholly owned subsidiary of Dor Alon Energy In Israel (1988) Ltd. which holds 12.25% of the share capital of Diners) ("Dor Alon") would sell their respective shareholdings in Diners to Credit Card for Israel Ltd. (the "CAL") for aggregate consideration of NIS 130 million to be distributed pro rata between the Company and Dor Alon.  The Company's pro-rata share in the consideration shall be NIS 97,500,000. CAL will also pay to the Company and Dor Alon four additional installments of NIS 5 million each to be distributed pro rata between the Company and Dor Alon (with the Company's pro-rata portion of each additional installment to be NIS 3,750,000) on each of March 31, 2016, September 9, 2016, March 31, 2017 and September 30, 2017 upon the satisfaction of various conditions precedent, including that the existing agreement between Diners and the YOU