El Al charter arm Sun D’Or is to acquire rival leisure carrier Israir Airlines.
The deal will see Israir owner IDB Tourism transfer 100% of the airline’s shares to Sun D’Or International Airlines for a 25% stake in Sun D’Or and $24 million in cash.
The arrangement will see Israir become a subsidiary of Sun D’Or.
Sun D’Or will be 75% owned by El Al with the remaining quarter share held by Israeli travel group IDB Tourism, which also runs hotels and travel agencies.
El Al chief executive, David Maimon, said: “The transaction is an important step in the implementation of EL AL’s long-term strategy of expanding and diversifying the range of services and products offered by the company.
“The transaction will enable the group to increase revenues and operations.”
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