First deal under new ownership: Dan acquires Masiei Shasha for NIS 180 million

Dan Public Transportation has signed a memorandum of understanding to acquire the operations of shuttle company Masiei Shasha for approximately NIS 180 million. This is the first acquisition under the new ownership structure led by CEO Ofir Karni. Masiei Shasha operates over 200 buses and employs more than 230 drivers, with estimated annual revenues of about NIS 200 million. The deal does not include the Shasha family's real estate activities.

Dan Public Transportation has signed a memorandum of understanding to acquire the operations of shuttle company Masiei Shasha for approximately NIS 180 million. This is Dan's first acquisition under the new ownership structure led by CEO Ofir Karni. The deal continues Dan's expansion in the shuttle sector, following the acquisition of carrier Jacques Yulzari in 2023. Masiei Shasha, founded in 1979 and managed by Aryeh Shasha, operates more than 200 buses and minibuses and employs over 230 drivers and subcontractors, who will remain in their roles after the acquisition. The company's revenues are estimated at around NIS 200 million per year, and it provides shuttle services to public institutions, local authorities, factories, high-tech companies, and private clients. The deal does not include the Shasha family's real estate activities in Israel and Europe, which are larger in scope than the transportation operations being sold. Shasha had sought to list the company several years ago at a valuation of NIS 300 million, but the move did not materialize. The deal comes after the first tranche of Dan's acquisition by a group of investors led by Karni was completed in June, in which about 50% of the company's shares were purchased. In the second tranche, the investors will acquire up to 75% of Dan. Dan is the second-largest public transportation company in Israel, operating about 3,000 buses and carrying about 200 million passengers annually.