The airline «San-Dor» is «daughter» of «al-al», was announced on Monday, July 2, on the merger with the airline «Israair».
In the framework of the transaction the company IBD Travel sell «San Douro» his part in «Israr». The deal is estimated at $ 24 million, in addition, IBD Travel will receive 25% of the shares of «Israir».
Under the deal, the company «Israir» will have to sell its aircraft, the cost of which is estimated at $ 70 million, and then take them in the sublease. From the proceeds of the sale of the fleet of money the company will have to repay the Bank Leumi loan of $ 35 million.
The website «Mako» specifies that the transaction must still be approved by competition management.
Process of merge of airlines «El al» and «Israir» was launched two years ago, in order to increase the competitiveness in the market of passenger transportation. Analysts expected that this will help ensure the profitability of the subsidiary company «El-Al».