Gabay Europe Israel Ltd. agreed to acquire an additional 32.1% stake in Engel Resources and Development Ltd. (TASE:ENRS) from GBES Limited on August 21, 2017. Pursuant to the transaction, Gabay Europe will acquire approximately 1.74 million shares, representing 32.1% stake in Engel. On completion, Gabay Europe will hold approximately 3.41 million shares, representing approximately 63% stake in Engel. The transaction is subject to a number of predictions. Sandy Jamieson and James Caithie of Cairn Financial Advisers LLP acted as financial advisors in the transaction.