Israel Chemicals has sold its 50% stake in the desalination company.

Israel Chemicals (TASE: ICL: NYSE: ICL) has notified the Tel Aviv Stock Exchange that it has sold its 50% stake in desalination engineering company IDE Technologies Ltd. for $178 million cash, reflecting a company value of just $356 million. The buyers are Clal Insurance (20%), The Teachers and Kindergarten Teachers Advanced Study Fund (20%) and IDE’s CEO Avshalom Felber.

The other 50% is held by Delek Group Ltd. (TASE: DLEKG). As far as is known, Delek is also eager to sell its 50% stake in IDE but Yitzhak Tshuva who controls the company is in no rush to sell because he believes the company is worth far more than $356 million.