Gaza's Islamist rulers have released Israeli soldier Gilad Shalit in return for hundreds of Palestinian militants held by Israelafter more than five years in captivity.

In exchange for Shalit's release, 477 Palestinian prisoners were also released on Tuesday - with a further 550 to be released later in the year -  in what is believed to be the largest exchange for a single Israeli captive.

Shalitsoon made his first television appearance, in which he explianed he hoped the deal will l lead to peace between Palestinians and Israelis and that it will support cooperation between both sides.

Palestinians wait at Beituniya checkpoint near the West Bank city of Ramallah for the release of prisoners from Israeli jails October 18, 2011. Gaza's Hamas Islamist rulers released captured Israeli soldier Gilad Shalit on Tuesday in return for hundreds of Palestinian prisoners, a Hamas military source said, in a deal ending a saga that has gripped Israel for five years.

Israelis in the northern village of Mitzpe Hila react after seeing Gilad Shalit on TV October 18, 2011. Israeli soldier Shalit was released to a national outpouring of joy on Tuesday after five years in captivity, exchanged for hundreds of Palestinian prisoners in a deal with Gaza's Hamas rulers.

Israelis in the northern village of Mitzpe Hila watch a television broadcast of an interview with Gilad Shalit October 18, 2011. "Gilad Shalit is home," Israel's chief military spokesman said on Tuesday, confirming that the captive Israeli soldier released by Gaza's Hamas rulers had been returned to Israel in a prisoner swap.

Gilad Shalit speaks to his family on the telephone in this handout released by the Israeli Defense Forces (IDF) October 18, 2011. Israeli soldier Shalit returned home to a national outpouring of joy on Tuesday after five years in captivity as hundreds of Palestinian prisoners exchanged for him were greeted with kisses from Hamas leaders in the Gaza Strip.

Gilad Shalit is greeted by Israeli army officers at Kerem Shalom crossing outside the southern Gaza Strip in this October 18, 2011 still image taken from video footage.

Palestinian children wave their national flags at the Burj al-Barajneh refugee camp in Beirut, to celebrate the release of Palestinian prisoners in a prisoner swap between Hamas and Israel October 18, 2011.

Soldiers from the Israeli army Spokesperson's Unit react at Tel Nof air base in central Israel as they watch a news broadcast of Gilad Shalit's release October 18, 2011. At Tel Nof air base, Shalit will see his parents, whose public campaign for his release put pressure on Prime Minister Benjamin Netanyahu to make a deal with a bitter enemy.

Israeli soldier Gilad Shalit walks at Kerem Shalom crossing outside the southern Gaza Strip in this handout picture released by the Israeli Defense Forces (IDF) October 18, 2011.

Released Palestinian prisoners wave from a bus as they make their way through the Rafah border crossing between Egypt and Gaza, October 18, 2011. Israeli soldier Gilad Shalit and hundreds of Palestinians crossed Israel's borders in opposite directions on Tuesday as a thousand-for-one prisoner exchange brought joy to families but did little to ease decades of conflict.

A Palestinian prisoner, released by Israel in exchange for Israeli soldier Gilad Shalit, gestures from a bus as he makes his way through the Rafah border crossing between Egypt and Gaza October 18, 2011.

Israel's Prime Minister Benjamin Netanyahu greets Gilad Shalit at Tel Nof air base.