Elbit Systems confirmed on 19 June that it has reached an agreement to acquire state-owned IMI Systems from the Israeli government.
Approved by the Committee for the Tender of the Sale of State Shares and by the board of directors of Elbit, the deal will see IMI become a private entity at an initial cost of USD495 million, plus USD27 million at a later point subject to the company meeting certain performance criteria.
The deal will be completed subject to routine additional approvals being granted, including from antitrust authorities.
“IMI Systems’ capabilities and technologies are synergetic to Elbit Systems, making this acquisition significant to our long-term growth strategy,” Bezhalel Machlis, Elbit Systems’ president and CEO, says.
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