New contender joins the race to acquire Arkia: the owner of the Arcaffe chain

Arcaffe chain, owned by Yaron Yarkoni, is in an advanced due diligence stage with Arkia, and as far as is known, he is approaching the move alone, without a group of buyers alongside him. Last week, it was revealed in Globes that Israir is also interested in acquiring Arkia.

Arcaffe chain, owned by Yaron Yarkoni, is in an advanced due diligence stage with the airline Arkia, as part of an interest in acquiring it. According to the publication in Globes, Yarkoni is approaching the move alone, without a group of buyers. Last week, it was revealed that Israir, controlled by Rami Levy, is also interested in acquiring Arkia, and El Al is examining the purchase from the Nakash brothers. Yarkoni has held Arcaffe for about 15 years, and in 2019 increased his holdings to 90% at a valuation of 80 million shekels. The chain has about 55 branches, mainly in residential neighborhoods. Arkia lost about $30 million in the first three quarters of the year, and is expected to lose $50-60 million for the full year. The company's fleet includes 20 aircraft. Arkia CEO Oz Berlovich sent a letter to employees noting that the company is attractive and has growth potential, alongside geopolitical challenges and rising fuel costs.