The firm also sold its 19% stake in Mikal to other shareholders.
Defense electronics firm Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has completed the acquisition of artillery maker Soltam Systems Ltd., armored vehicles maker Saymar Ltd., and ITL Optronics Ltd. (TASE: ITL) held by Mikal Technologies Ltd. and sold its 19% stake in Mikal to the other shareholders. Elbit Systems paid $26 million for the three companies. The money was placed in escrow under the terms of the purchase agreement.
Elbit Systems now wholly owns Soltam and Saymar, and owns 87.85% of ITL. The public owns the remainder of ITL's shares.
Elbit Systems' share price closed at $54.24 on Nasdaq on Friday, and rose 0.1% in early trading on the TASE today to NIS 195.20.
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010