El Al set to acquire Israir from IDB Group
El Al Israel Airlines has announced that it along with its Sun d'Or International Airlines unit have entered into an agreement with IDB Development, IDB Tourism and Israir to acquire the entire issued and paid-up share capital of Israir. According to the acquisition agreement, IDB will sell all of its shares in Israir to Sun d'Or for US$24m in cash and a 25% stake in the merged Sun d'Or entity. In turn, Israir is expected to take over Sun d'Or's operations while allocating 75% of its shares to El Al. After the merger, Israir will concentrate on low-cost, domestic flights and El Al vacation packages. The transaction’s value excludes Israir's owned fleet of 2 A320-200s and 2 ATR72-500s which will be sold and leased back from an unspecified third party. Failing that, El Al will have to buy the aircraft for at least $70m. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-07-06/unaligned/el-al-set-to-acquire-israir-from-idb-group
https://portal.staralliance.com/cms/logo.png
El Al set to acquire Israir from IDB Group
El Al Israel Airlines has announced that it along with its Sun d'Or International Airlines unit have entered into an agreement with IDB Development, IDB Tourism and Israir to acquire the entire issued and paid-up share capital of Israir. According to the acquisition agreement, IDB will sell all of its shares in Israir to Sun d'Or for US$24m in cash and a 25% stake in the merged Sun d'Or entity. In turn, Israir is expected to take over Sun d'Or's operations while allocating 75% of its shares to El Al. After the merger, Israir will concentrate on low-cost, domestic flights and El Al vacation packages. The transaction’s value excludes Israir's owned fleet of 2 A320-200s and 2 ATR72-500s which will be sold and leased back from an unspecified third party. Failing that, El Al will have to buy the aircraft for at least $70m. <br/>
