Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has acquired two Brazilian companies, Ares Aeroespecial e Defesa S.A. ("Ares") and Periscopio Equipamentos Optronicos S.A. ("Periscopio").

The acquisition was accomplished in a series of transactions totaling tens of millions Brazilian reals.

Ares and Periscopio are involved in the area of defense electronic systems and supply a range of products to the Brazilian military as well as to additional markets in South America. Located in the vicinity of Rio de Janeiro, the companies have approximately 70 employees. Elbit said that the selling shareholders "will continue to perform management functions in the companies following the acquisition."