May 4 Ormat Technologies Inc:
* Orix to acquire 22 percent ownership stake in Ormat from FIMI and Bronicki Investments and simultaneously enter into strategic partnership with Ormat
* Orix will acquire an approximately $627 million ownership stake in Ormat
* Under related agreements, Orix will have right to designate three persons to be appointed to an expanded nine-person Ormat board
* In addition, Ormat will have certain rights to serve as technical partner and co-invest in Orix Geothermal Energy projects in Japan
* Under terms company to have exclusive rights to develop, own, operate, provide equipment for Orix Geothermal Energy projects in markets outside Japan
* A special committee of Ormat board of directors was formed to evaluate and negotiate shareholder arrangements proposed by Orix
* Orix to purchase about 11.0 million shares of co from FIMI ENRG Limited Partnership, FIMI ENRG, Bronicki Investments, senior members of management
* Orix to propose fourth person to be mutually agreed by co, Orix to serve as new independent director on Ormat board
* Says per share sale price to be paid by Orix at closing is $57
* Says Orix will acquire approximately 22.1 percent ownership position in Ormat Source text for Eikon: Further company coverage:
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