Israel and Hamas have agreed a landmark deal to secure the release of captured Israeli soldier Gilad Shalit in exchange for over 1,000 Palestinian detainees.
The Israeli government formally approved the deal this morning with Prime Minister Benjamin Netanyahu announcing the details in a live address last night after presenting it to his government during an emergency session.
"We have concluded arduous negotiations with Hamas to release Gilad Shalit. He will be coming home in the next few days," he said.
"I believe we reached the best possible agreement at this time," Mr Netanyahu added.
"It is very possible that this window of opportunity that has been created at this time ... would have closed once and for all, and we wouldn't have been able to bring Gilad back at all."
The agreement was backed by 26 ministers after a five-hour meeting while three members of cabinet - Foreign Minister Avigdor Lieberman, Infrastructure Minister Uzi Landau and Strategic Affairs Minister Moshe Yaalon - voted against it.
Israel's top officials in charge of security, including Defence Minister Ehud Barak, chief of staff Benny Gantz and Shin Beth and Mossad (internal and external security forces) bosses Yoram Cohen and Tamir Pardo all backed the deal with the Islamist Hamas, which rules Gaza.
Hamas chief Khaled Meshaal confirmed the deal in his own televised speech in Damascus, saying the agreement, which was mediated by Egypt, would see more than 1,000 Palestinian detainees freed in exchange for Mr Shalit.
"Hamas and Israel have reached an agreement under which 1,027 Palestinians, of whom 27 are women, will be freed in two phases," he said at a news conference broadcast on Arabic-language news channels.
He said the first phase of the deal would see 450 prisoners freed "in one week," with another 550 Palestinians to be freed "in two months".
However, a top Israeli intelligence official ruled out the release of two key prisoners, telling reporters that influential Palestinian leader Marwan Barghuti and top PFLP militant Ahmed Saadat were not on the list of those to be released.
His remarks contradicted an earlier report from a senior Palestinian official who said the two were among those set to be freed.
