El Al charter arm acquires rival

El Al charter arm acquires rival

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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