According to Calcalist , FIMI founder and CEO Ishay Davidi said the planned acquisition of Zim will create a debt-free shipping company under Israeli control, while the transaction now awaits final government approval. Speaking at the Calcalist Financial Future Conference , Davidi said the transaction has already received approval from the companies’ boards, shareholders and the relevant business parties. He noted that the final step is approval from the Israeli government under its “golden share” rights. Davidi said the restructuring would resolve long-standing financial challenges at Zim. “The new Zim will definitely be profitable from day one,” he said. According to Davidi, the new company will start operations without debt and include safeguards designed to prevent hostile takeovers. He also said the new Zim is expected to generate US$650-700 million in annual revenue and around US$100 million in EBITDA. Long-term agreements with Hapag-Lloyd are expected to secure approximately 95% fleet utilisation over the next decade. Davidi argued that the proposed structure is the best available solution for both the company and Israel. “There is no better solution than the one we created,” he said. The proposed US$4.2 billion acquisition of Zim by Hapag-Lloyd and FIMI remains subject to approval by the Israeli government. The post FIMI’s Davidi says Zim deal will create debt-free Israeli shipping company appeared first on Container News .