An Israel Corp spokesman said the reorganisation was expected to be completed by the end of 2014.

Chief Executive Officer Levy, who has led the company since 1987, said the reorganisation had been one of his toughest challenges.

It said the reorganisation aimed to maintain cost control, increase effectiveness of local commercial activities and relaunch promotion of new products and services.

Announcing the acquisition yesterday, Virgin founder, Mr Richard Branson, said the reorganisation should bring benefits in the British and Irish markets very quickly.