Hapag-Lloyd is in advanced talks to buy Zim Integrated Shipping Services Ltd., Israel’s national flag carrier. Zim employees protested the sale due to Hapag-Lloyd’s ownership by sovereign investment funds of Qatar and Saudi Arabia. The potential acquisition would boost Hapag-Lloyd’s global east-west network and overall capacity.

Hapag-Lloyd, the world’s fifth-largest container line, is looking to acquire Zim, the 10th-ranked carrier with 704,000 TEUs. No binding agreements have been signed yet, and the deal would need approval from regulators and Zim shareholders, likely not concluding until 2027.

If the sale goes through, Zim’s shares would be delisted, with the company valued at $2.7 billion currently. Calcalist of Israel first reported the acquisition’s value. The deal is still pending approval and is not expected to be finalized until 2027.

Read more at Yahoo Finance: Hapag-Lloyd in talks to acquire Zim for $3.5 billion