From all appearances, wikipedia.co.il is an alternate domain name for he.wikipedia.org. The pages displayed in a browser are identical. Looking at the source reveals a different story. Wgetting the co.il domain shows it is just piggybacking on the .org. It adds extra code that I haven't fully explored, but what stands out is urchinTracker.

wikipedia.co.il is owned by Oren Shatz, an SEO entrepenuer in Israel. He was briefly active on enwiki, adding links to his websites. Most have since been reverted, though a crosswiki search shows there are still 53 links on the top 20 wikis for one of his domains.

The Google analytics account number for wikipedia.co.il is UA-54112-28, indicating he has at least 27 other domains tracked by that account.

The others include:
seoblog.co.il
UA-54112-1

seoisrael.co.il
UA-54112-18

freetools.co.il
UA-54112-27

helpdesk-guide.com
UA-54112-6

judaica-guide.com
UA-54112-11

trekker.co.il
UA-54112-16