The remaining 49% of Histour-Altiv shares will remain in the
ownership of Diyur company from the Bank Hapoalim group, owner of
Histour, and Elbit concern, owner of Altiv.
Koor Tourism is purchasing 51% of Histour and Altiv's joint travel
company for $2.5 million. A Histour-Altiv merger, performed through a
mutual exchange of shares, is part of the deal.
The remaining 49% of Histour-Altiv shares will remain in the ownership
of Diyur company from the Bank Hapoalim group, owner of Histour, and
Elbit concern, owner of Altiv.
Koor will pay $1.85 million in cash in 30 days. Diyur will pay 66% of
the sum and Altiv owner Elbit will pay 33%. The payment of the rest of
the sum, $650,000, will be subjugated to future profitability.
Altiv company, which specializes in business tourism, has three
branches in Israel, and a fully owned subsidiary in Boston. The
company's business turnover in 1995 amounted to $20 million.
Histour specializes in outgoing retail and wholesale tourism under the
label Nofesh Plus, and in local tourism. The company has 11 branches in
Israel, with revenues in 1995 totaling $47 million.
Histour executives said that negotiations for the company's sale were
conducted due to Bank Hapoalim's intention to decrease its holdings in
subsidiaries following the Brodet report