Israel Antitrust Authority Approves Elbit-IMI Merger
“An examination of the merger found that it does not raise a reasonable risk of significant damage to competition,” the authority said in a statement on Sunday. “In particular, it was found that the overlap between the activities of Elbit and IMI is relatively marginal”
IsraelDefense
| 19/08/2018
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems (Photo: Meir Azulay)
Israel’s antitrust regulator on Sunday approved defense contractor Elbit Systems’ planned acquisition of state-owned rival IMI Systems.
Elbit said in June it would buy IMI for up to $522 million and completion of the deal was pending approval from the Israel Antitrust Authority.
“An examination of the merger found that it does not raise a reasonable risk of significant damage to competition,” the authority said in a statement.
“In particular, it was found that the overlap between the activities of Elbit and IMI is relatively marginal and that in the overlapping areas there is competition from suppliers in Israel or abroad.”
The government announced in 2013 its intention to privatize IMI. Elbit Systems was the last remaining bidder among five that had shown interest
Elbit said it will pay about $495 million upfront, with an additional payment of approximately $27 million contingent upon IMI meeting certain performance goals.
[Source: Reuters]
“An examination of the merger found that it does not raise a reasonable risk of significant damage to competition,” the authority said in a statement on Sunday. “In particular, it was found that the overlap between the activities of Elbit and IMI is relatively marginal”
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems (Photo: Meir Azulay)
Israel’s antitrust regulator on Sunday approved defense contractor Elbit Systems’ planned acquisition of state-owned rival IMI Systems.
Elbit said in June it would buy IMI for up to $522 million and completion of the deal was pending approval from the Israel Antitrust Authority.
“An examination of the merger found that it does not raise a reasonable risk of significant damage to competition,” the authority said in a statement.
“In particular, it was found that the overlap between the activities of Elbit and IMI is relatively marginal and that in the overlapping areas there is competition from suppliers in Israel or abroad.”
The government announced in 2013 its intention to privatize IMI. Elbit Systems was the last remaining bidder among five that had shown interest
Elbit said it will pay about $495 million upfront, with an additional payment of approximately $27 million contingent upon IMI meeting certain performance goals.
[Source: Reuters]
