Israel’s Elbit Systems [ESLT] on June 19 said it has reached agreement with the Israeli government for the tender of state shares related to the company’s pending $495 million acquisition of IMI Systems Ltd., which is also based in Israel.
Elbit said completion of the deal is still subject to further government approvals, including by Israel’s antitrust authority.
In addition to the agreed purchase price, the acquisition includes an additional payment of about $27 million based on IMI meeting certain performance goals.
“IMI Systems capabilities and technologies are synergistic to Elbit Systems, making this acquisition significant to our long-term growth strategy,” Bezhalel “Butzi” Machlis, president and CEO of Elbit, said in a statement.
IM develops and manufactures a wide range of systems and technologies including radar, rocket and missile launchers, rocket and artillery systems, munitions, aircraft anti-missile counter measures, active protection systems for land vehicles, add-on armor systems, space rocket propulsion components, counter unmanned aircraft systems, and more.