Prime Minister Benjamin Netanyahu's opponents announced they have reached a deal to form a new governing coalition, paving the way for the ouster of the longtime Israeli leader.

Netanyahu's opponents raced against the clock to finalize a coalition government that would end his 12-year rule ahead of a deadline at midnight on Wednesday.

The dramatic announcement by opposition leader Yair Lapid and his main coalition partner, Naftali Bennett, came moments before a midnight deadline and prevented the country from plunging into what would have been its fifth consecutive election in just over two years.

In a statement on Twitter, Mr. Lapid said he had informed the country's president of the deal. “This government will work for all the citizens of Israel, those that voted for it and those that didn't. It will do everything to unite Israeli society,” he said.

Centrist Yair Lapid and ultranationalist Naftali Bennett have joined forces and agreed to rotate the premiership between them, with Bennett going first. But they were still working to cobble together a ruling coalition that would include parties from across the political spectrum.

Israeli media reported some lingering disagreements over lower-level political appointments. According to the reports, Ayelet Shaked, Bennett's deputy in the Yamina party, was demanding a place on a committee that chooses the nation's judges.

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