El Al Israel Airways Ltd. (TASE:ELAL) has supplied to purchase management of bank card firm Isracard (TASE: ISCD) at an organization valuation of NIS 3.1 billion. It is a comparable provide to the one made final week for the bank card firm by insurance coverage and finance firm Menora Mivtachim (TASE: MMHD).
El Al’s share value has risen 173% over the previous yr as international airways have canceled flights to Israel throughout the struggle leaving the Israeli airline with a monopoly on many routes, specifically to the US. El Al reported document earnings within the second quarter of 2024.
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Management of Isracard would dovetail with the retail actions of its frequent flyers membership (owned collectively with The Phoenix), which has 3.1 million members, and the 414,000 members holders of its Fly Card bank card, which companies passengers that wish to accrue factors.
El Al, led by CEO Dina Ben Tal Ganancia at this time despatched a letter to Isracard chair Tamar Yassur and CEO Ran Oz providing to purchase a forty five% stake within the bank card firm via a non-public allocation of shares. Isracard’s present market cap is NIS 2.8 billion, effectively under El Al’s valuation of NIS 3.1 billion. El Al proposed assembly with Isracard’s administration instantly after the vacations, “To strenuously transfer ahead with none delay to achieve an settlement between Isracard and El Al, for an funding by El Al in Isracard.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on October 16, 2024.
© Copyright of Globes Writer Itonut (1983) Ltd., 2024.
