El Al Israel Airlines‘ (Tel Aviv) stockholders have approved a 47 percent acquisition by Fimi Fund, a local Israeli investment fund. The airline issued this statement:

According to agreement signed by El A and the Fimi Fund in April, the Fund will invest up to $75 million in El Al and become a controlling group in the airline along with Knafaim.

According to the draft of the transaction, Fimi will invest up to $50 million by July 2013, and can extend completion of the transaction by two 45-day periods.

Fimi Fund’s commitment to complete the transaction is subject to several conditions, among them approval by El Al stockholders, which was accomplished on June 6.

The completion of the transaction is conditional on approvals by regulatory authorities and a signed agreement between El Al and its people on a new collective agreement whose terms are acceptable to Fimi.

On the financial side, El Al reported its first quarter profit declined to $37.9 million, down from $40.5 millionin the same quarter a year ago.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Boeing 777-258 ER 4X-ECD (msn 33169) climbs away from the runway Los Angeles International Airport.

El Al: