Israeli insurer Phoenix buys 20% of El Al Israel Airlines’ frequent flier program
Israeli insurer Phoenix has exercised an option to buy roughly 20% of El Al Israel Airlines’ frequent flier program, the companies said in a Tel Aviv regulatory filing on Tuesday.
El Al, Israel’s flag carrier, will receive $14 million and own 80.1% of its frequent flier program and it said it would post a gain of about $63 million in its third-quarter financial results.
El Al noted that following the deal, it would no longer need to raise additional capital. Reuters.com