A PYMNTS Company

Israel: El Al airlines in merger talks with rival Israir

By  |  May 26, 2015

El Al Israel Airlines today reported that it was in initial talks to merge the business of its Sun D’Or International Airlines subsidiary into Israir Airlines and Tourism Ltd., owned by IDB Development Corporation.

Sun D’Or markets charter flights by leasing airplanes’ seating capacity to charter flight organizers at prices agreed in advance, selling seat packages to agents, and selling to the general public. According to the emerging deal between the parties, this activity will be transferred into Israir, and El Al will receive a number of Israir shares in exchange, to be determined by a valuation for the companies.

Managed by CEO Uri Sirkis, Israir operates internal flights within Israel and charter flights to Europe.

 

Full content: Haaretz

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.