Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that it had completed the acquisition of IMI Systems Ltd. for $495 million (NIS 1.8 billion), with an additional payment of $27 million (NIS 100 million) contingent upon IMI meeting agreed performance goals. The acquisition of Israeli government owned IMI Systems, formerly Israel Military Industries, follows a protracted tender privatization process that took 17 years of crises and negotiations. RELATED ARTICLES Netanyahu signs approval of Elbit-IMI merger Regulator approves Elbit-IMI merger To help Elbit, IMI's Negev move delayed until 2024 Elbit Systems president and CEO Bezhalel Machlis, said, "The synergy between the capabilities of the two companies and the global positioning of Elbit Systems will enable us to offer an enhanced portfolio and to realize the potential of the technologies of IMI in the international arena, making this acquisition significant to our long-term growth strategy." He added: "Elbit Systems has a proven track record of successfully performing major acquisitions, and I am convinced that this acquisition will be beneficial for Israel's economy, for both companies' employees and customers and for our shareholders." Published by Globes, Israel business news - en.globes.co.il - on November 25, 2018 © Copyright of Globes Publisher Itonut (1983) Ltd. 2018
