El Al Airlines for Sale

YERUSHALAYIM -

Former Bezeq Israeli Telecommunication Co. CEO Avi Gabbay is seeking to buy El Al Israel Airlines, reports Globes.

According to market sources, Gabbay has been trying to put together a deal for some time. He approached Saban Capital Group, headed by Haim Saban, with a proposal to form a consortium with it to buy control of Israel’s flagship carrier.

The Saban Group reportedly asked Gabbay to prepare a feasibility study but no agreement has yet been made.

Former Israeli Haim Saban, a billionaire based in the U.S., has been involved in large transactions in Israel in the past. He sold control of Bezeq in 2009, and bought control of another Israeli telecommunications company, Partner Communications, in 2013.

Saban Capital Group had no comment on the report.