Dan Transportation Acquires Masei Shasha for $50 Million
Dan Transportation has signed a memorandum of understanding to acquire the operations of the bus company Masei Shasha for approximately NIS 180 million (about $50 million). This marks Dan's first acquisition under its new ownership structure, led by CEO Ofir Karni. The deal follows Dan's 2023 acquisition of the carrier Jacques Yulzari, which joined United Tours.
Masei Shasha, founded in 1979 and managed by Arie Shasha, operates over 200 buses and minibuses and employs more than 230 drivers and subcontractors, who will remain in their positions post-acquisition. The company's annual revenues are estimated at NIS 200 million (about $55 million), and it provides transportation services to public institutions, local authorities, factories, high-tech companies, and private clients. Arie Shasha, a veteran of the Likud movement, had previously sought to take the company public at a valuation of NIS 300 million, but the plan did not materialize.
The acquisition comes after the first phase of Dan's purchase by an investor group led by Karni was completed in June, acquiring about 50% of the company's shares. In the second phase, investors will acquire up to 75% of Dan, with Dan members retaining the remaining 25%.
Dan is Israel's second-largest public transportation company, operating around 3,000 buses, 70% of which are electric, on over 200 routes nationwide. It transports approximately 200 million passengers annually. The group's revenues are estimated at NIS 2.5 billion (about $680 million) per year, with EBITDA of about NIS 500 million (about $137 million). Dan also operates the Route 1 fast lanes and will manage the Ayalon fast lanes starting in April 2026, including two park-and-ride facilities. Additionally, the group has concessions for Jerusalem's light rail's Blue Line and Tel Aviv's Green Line. Dan's other activities include bus import/export, maintenance services, and developing transportation technology solutions. The group operates in Portugal and Germany and markets electric buses in other European markets.
