Falling from one billion to 36 million in practice: Shlomo buys half of the tourism thelma – the capital market

The corona crushed Thelma Tourism. The company that planned to be issued at a value of about NIS 1 billion will no longer do so and 50% of it will be sold to the car and rental company Shlomo Holdings (Shlomo Sixt) for a total of NIS 36 million. The acquisition will be made through the establishment of a new company “Thelma-Shlomo” and the acquisition of 50% of its capital.

The new company will include the activities of Thelma Tourism and its affiliates in the field of tourism, hotels, travel and flights but will not include the obligations of the Thelma Group to third parties.

Shlomo has already granted Thelma loans in the amount of NIS 15.5 million, which will also be repaid. In addition, according to the agreement, the Shlomo Group will give Thelma a loan of NIS 3 million for 3 years and then the loan will be repaid in cash or replaced by Thelma-Shlomo shares, depending on the results. The financial.

The chair of Thelma-Shlomo will be chaired by the chairman of the Shlomo Group, Assi Schmelzer, and Erez, who will chair Thelma Tourism and Travel as co-chairs, and Aya Magen, the former CEO of Thelma Tourism, will continue to serve as the CEO of Thelma Shlomo. Rosario Capital was the investment banker in the transaction.

Thelma Tourism ended 2019 with a profit of NIS 15.6 million (before tax).