Goldman Sachs Buys 10% of Ganden Tourism & Aviation

Deal priced the privately held Nochi Dankner company at $70 million

Goldman Sachs this week bought a 10% stake in Ganden Tourism & Aviation, a privately held company controlled by Nochi Dankner.

Dankner also owns the controlling interest in the sprawling IDB (TASE: IDBH) holding company.

The deal with Goldman Sachs prices Ganden Tourism & Aviation at $70 million.

The Ganden group company owns IsrAir, the Unitel and Natour tour companies, Open Sky - which mainly represents foreign airlines, and a German aviation company.

Aside from Nochi Dankner, Ganden's shareholders include Avi Fisher, the Schimmel family, and now Goldman Sachs.

Ganden Tourism & Aviation made about NIS 1.5 billion in revenues last year, and is expected to bring in about NIS 2 billion in 2006, as it reorganizes and expands.

Ganden and Goldman Sachs declined to comment for this report.