Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE:ESLT) wholly-owned subsidiary, Elbit Systems Land and C4I-Tadiran Ltd. today completed the acquisition of Shiron Satellite Communications (1996) Ltd. for $16 million.
Shiron makes broadband communication solutions for the growing interactive multimedia broadband satellite market. Shiron's InterSKY satellite communications system provides broadband satellite services to remote locations. Elbit believes that Shiron's technology will be synergetic to the communication technology developed and implemented in its military systems and products.
The deal is significant for Polar Communications Ltd. (TASE: PLRC), which held 47.4% of Shiron through a subsidiary. Polar announced that it will record a profit of NIS 22 million in the first quarter of 2009 as a result of the deal. Bank Leumi (TASE:LUMI) and a number of private investors, venture capital funds and the founders also held shares in Shiron.
Published by Globes [online], Israel business news - www.globes-online.com - on February 24, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009
Published by Globes [online], Israel business news - www.globes-online.com - on February 24, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009