NOY 2 Infrastucture & Energy investment Fund managed by Poalim Ventures Ltd. and Clal Insurance Enterprises Holdings Ltd, Investment Arm entered into an agreement to acquire 49% stake in Aspen Solar Ltd. from Aspen Group Ltd. (TASE:ASGR) for ILS 55 million on August 2, 2017. The consideration will be paid within 10 business days of the completion of the last suspending condition. Additionally, an option transaction for the sale of remaining 51% shares in Aspen Solar Ltd. to NOY 2 Infrastucture & Energy investment Fund was also entered. According to the agreement between the parties, Aspen has an option, at its sole discretion, to demand that Noy 2 Fund purchase the remaining shares in Aspen Solar within two years of the date on which the first stage of the deal. The closing of the sale of the shares is subject to the fulfillment of all the suspending conditions specified in the agreement, including among others: obtaining approval from the Antitrust Commissioner for the sale of the shares; obtaining the approvals of the financing entities for the sale of the shares; obtaining the approval of the Aspen Group Ltd. 's Board of Directors, Aspen Group's approval that, as at the closing date, there has been no change in the Aspen Group's and Solar Energy's representations made by them on the date of signing the agreement, except for the changes specified in the agreement, provided that they do not result in a material adverse change. The fulfillment of all the conditions precedent is expected within 90 days from the signing date of the agreement. Completion of acquisition is scheduled by the end of the year 2017.