Buying Egged-Ta'avura makes Electra Afikim 3rd largest bus co
6 May 2021 - globes
Electra Afikim has bought the Egged-Ta'avura bus company for NIS 200 million.
Electra Ltd. (TASE: ELTR) has notified the Tel Aviv Stock Exchange (TASE) that its subsidiary Electra Afikim has bought full ownership of the Egged Ta'avura for NIS 200 million from the Egged Bus Cooperative and Ta'avura Holdings which each had a 50% stake in the bus company. The acquisition makes Afikim the third largest bus company in Israel after Egged and Dan with a fleet of nearly 1,500 buses and estimated annual revenue of NIS 1.2 billion.
Egged-Ta'avura has a fleet of 537 buses operating in five clusters in Netanya, Mevasseret Zion, Ma'aleh Adumim, the services between the Shafirim park and ride station and Jerusalem, and settlements in Judea and Samaria. Egged-Ta'avura's revenue in 2020 was NIS 351 million.
In January, Electra bought a controlling 51% stake in Amnon Mesilot, a privately-held family-owned company for NIS 154 million, which included the Afikim bus company. The deal was completed in March.
Electra CEO Itamar Deutscher said, "We plan to expand this activity in order to position Electra as one of Israel's largest transport operators."