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Reuters
Israel’s El Al Airlines signs deal to buy smaller rival Arkia
Israel’s flag carrier El Al Airlines, forced to slim down following a government bailout during the pandemic, said on Thursday it has entered a non-binding memorandum of understanding to buy smaller local rival Arkia. Under the proposed deal, Arkia would become a fully-owned subsidiary of El Al. In return, Arkia’s shareholders would get a 10%-14% stake in El Al through shares and options, the airline said in a regulatory filing. Arkia, in its own statement, said the deal stipulates it would continue operating as an independent brand.
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