First Israel Mezzanine Investors Fund (FIMI) and El Al Israel Airlines signed an agreement on Saturday, which will see FIMI invest up to $75m in return for a 47% stake in the Israeli flag carrier. FIMI will form a control group with Knafaim Holdings Ltd. FIMI will initially invest $50 million in El Al for a 38% stake. FIMI will also receive two options, each totaling $12.5m which will give it a 47% stake in the airline when exercised. He deal is due to close in July. The deal is subject to approval by El Al’s shareholders and obtaining regulatory

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