After twenty years, the Nakash family is selling its controlling stake in Israeli airline Arkia. The buyer consortium includes Kidan Dahari and Yaron Adib, owners of the Ispro-Tnuport real estate group. Alongside them are Yariv Lerner, chairperson and co-owner of the Negev Group (Negev Ceramics), Viola Credit, and Einav Adiv-Berar, Yaron Adib’s sister, who owns several medical centers, including the TLV Medical Center.
"Globes" initially reported estimates suggesting that the capital to be injected into Arkia would amount to $40-50 million. Ultimately, the official figure was set exactly in the middle-$45 million-to be contributed by the buyers, the Nakash family, and the state.
The buyers will contribute $30 million: half ($15 million) will be provided by Dahari and Adib (via private holdings), $10.5 million by Lerner, and $4.5 million by Einat Adiv-Berar. The Nakash brothers, whose stake in the company will drop to 3% (down from the current 78%), will contribute $8.5 million, while the state will provide an additional $7.8 million-a contribution contingent upon the Nakash brothers also investing capital.
The buyers are aware that, beyond the funds currently being injected into Arkia, the company faces several more difficult months ahead. With the onset of the winter off-peak season revenue is expected to be significantly lower. Consequently, Arkia is projected to incur further losses amounting to tens of millions of dollars before it begins to turn a profit next summer.
The Nakash brothers, Rafi, Joe, and Avi, who acquired the company in 2005 for $10 million, are exiting the investment having sustained considerable losses. Over the past year, the company has accumulated losses exceeding $30 million, a figure that could reach $50-60 million by the end of the year. These substantial losses arose from a surge in global fuel prices following Operation Roaring Lion against Iran in February-March.
A statement released by the Nakash brothers did not specify a timeline for the deal's completion or for obtaining the necessary regulatory approvals. The move was spearheaded on behalf of the brothers by Avi Hermaro, CEO of the Nakash Group.
The acquiring consortium states that it has faith in Arkia and the Israeli aviation sector, and that it is entering the company with a long-term commitment. According to the consortium, the investment is intended to stabilize the company, strengthen its operations, and ensure its continued activity for the benefit of the employees, passengers, and the Israeli economy.
The Nakash brothers’ decision to sell to the new group follows a week of competition over the acquisition of a controlling stake in the airline. Initially, the Nakash brothers sought to inject capital into the company in exchange for further diluting the employees' stake. The employees previously held 30% of the company, but saw their share shrink to 22% during previous capital injections by the brothers. This time, the employees refused any further dilution, forcing the Nakash brothers to explore a sale; otherwise, Arkia risked falling into insolvency.
"Globes" reported last week that Israir, and possibly El Al, were interested in acquiring control of Arkia, but ultimately, the Nakash brothers opted for the new group.
The announcement from the Nakash family comes after the Transportation Workers' Union (part of the Histadrut) declared a labor dispute at Arkia yesterday.,
Over the past year, Arkia has begun operating routes to the US and the Far East, aiming to expand its operations and capture a larger market share. According to the company’s website, Arkia’s fleet consists of seven owned aircraft and eleven others under "wet lease", meaning that the aircraft are leased together with their crews. Arkia's destinations include New York, Bangkok, Phuket, Hanoi, London, Paris, Zanzibar, Tbilisi, Batumi, Rome, Barcelona, ??Amsterdam, Budapest, Dubai, Tirana, Minsk, Sofia, Lisbon, Baku, and Prague, as well as Athens, Thessaloniki, Larnaca, Crete, Mykonos, and Paphos.
Since the beginning of the year, Arkia has ranked third in passenger traffic at Ben Gurion Airport, after El Al and Israir. The airline has transported 1.6 million passengers in 2026 so far, accounting for 10.5% of total traffic at the airport, while Israir ranks slightly ahead with 1.7 million passengers. However, according to Ben Gurion Airport’s operational metrics, Arkia is the Israeli carrier with the highest number of delays (averaging 58 minutes for departures and 46 minutes for arrivals). Among all airlines operating at the airport, Arkia ranks fifth for delays. In this context, it appears that the new owners’ mission will be to compete head-to-head with Israir, while also working to improve the quality of the company’s service.
An earlier version of this story erroneously reported monetary amounts in shekels.
Published by Globes, Israel business news - en.globes.co.il - on November 12, 2026.
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