El Al has closed a transaction to monetise its loyalty club. The Israeli airline has sold its Matmid Frequent Flyers Club to a wholly-owned subsidiary and has provided The Phoenix Group with an option to purchase 25% of the shares of in EL AL’s Frequent Flyer Club Company in return for a $130 million loan. EL AL and the Phoenix signed the transaction on June 24. The Phoenix is a leading Israeli multi-line insurance, asset management, investment, and financial services provider, which manages $100bn in assets. Dina Ben-Tal, EL AL’s CEO, described the deal as an “expression of faith by

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