First Israel Mezzanine Investors Fund (FIMI) has bought a 47% stake in El Al Israel Airlines for $75 million. 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. The deal is due to close in July. The deal is subject to approval by El Al’s shareholders and obtaining regulatory permits. However it is also subject to El Al employees signing new contracts on terms that
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