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Court approves sale of Israir to Rami Levy The Tel Aviv District Court this morning approved the sale of the Israeli airline to BGI, controlled by Rami Levy and Shalom Haim. The Tel Aviv District Court this morning approved the sale of Israir Airlines and Tourism Ltd. to BGI Investments (1961) Ltd. (TASE: BGI), controlled by Rami Levy and Shalom Haim. At the hearing the IDB Development appointed trustee Adv. Ophir Naor, who had recommended to the court the bid of BGI, one of three bids in the public auction, said, We have been through an intensive sales process with a company that is in a crisis that is not simple in the crazy Covid-19 era. I was privileged to get to know a very special management and employees. We will transfer the company in an organized fashion into good hands and I am sure they will worry about the future of its employees. ....
Play audio 1XChange playback rate from 1 to 1 Mute audio Levy and Haim are gaining control of an airline hit hard by the restrictions on global travel due to the coronavirus epidemic. Nevertheless, the two see room for synergies between air travel and supermarkets once global aviation recovers. The outlines of the synergy strategy were revealed Monday when Rami Levy’s eponymous, publicly traded supermarket company said it had been given an option to buy a 24% stake in Israir in the next 90 days for 39 million shekels in cash – the same valuation as Israir is being acquired now – as well as an option to establish a loyalty program with Israir similar to rival El Al’s Fly Card. ....
The proposal to purchase Israir still requires court approval. Levy is the owner of the eponymous supermarket chain and Haim is the controlling shareholder of Taaman Food Marketing. Rami Levy in one of his Jerusalem supermarkets on June 23, 2016. (Miriam Alster/Flash90) The winning offer beat out competing proposals from businessmen Yigal Dimri and Moti Ben-Moshe. An Israeli businessman based in the United Arab Emirates also offered to buy the firm. Along with the sale of Israir, national carrier El Al Israel Airlines was recently put on the auction block. In October, the Government Companies Authority officially granted 27-year-old Israeli-American Eli Rozenberg control over El Al. Rozenberg’s newly minted Kanfei Nesharim Aviation purchased 42.88 percent of the carrier in a September 16 sale, making it the controlling shareholder as defined by Israeli regulation. ....
Rami Levy s bid set to win Israir auction Levy has the recommendation of the IDB trustee and his improved bid looks likely to win the bondholders support. Rami Levy looks set to become the new owner of Israir Airlines and Tourism Ltd.. After the IDB trustee Adv. Ophir Naor chose the bid of Levy s BGI Investments (1961) Ltd. (TASE: BGI), Levy s improved bid was also chosen by 76% of the IDB bondholders. Levy s bid now needs to be approved by the Tel Aviv District Court, which will convene next Sunday to rule on the matter. RELATED ARTICLES Three bids were on the table. BGI has offered to pay Nis 162 million for a 51% stake in Israir. Levy himself will hold 24% and inject his own capital with the bondholders left with a 25% stake, which at a later stage will be converted to BGI shares. ....