Elbit Systems Completes Acquisition of IMI Systems
Elbit paid $495 million for state-owned IMI, with an additional payment of $27 million contingent on IMI meeting agreed performance goals
IsraelDefense
| 25/11/2018
From the signing ceremony (Photo: Israel's Ministry of Finance)
Elbit Systems on Sunday announced it completed the acquisition of state-owned IMI Systems after receiving government approval for the privatization of IMI last week. Elbit paid $495 million (NIS 1.8 billion) for IMI, with an additional payment of $27 million (NIS 100 million) contingent on IMI meeting agreed performance goals.
On Monday, Prime Minister Benjamin Netanyahu and Minister of Finance Moshe Kahlon signed a control permit enabling the merger.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “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.”
“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.”
Elbit paid $495 million for state-owned IMI, with an additional payment of $27 million contingent on IMI meeting agreed performance goals
From the signing ceremony (Photo: Israel's Ministry of Finance)
Elbit Systems on Sunday announced it completed the acquisition of state-owned IMI Systems after receiving government approval for the privatization of IMI last week. Elbit paid $495 million (NIS 1.8 billion) for IMI, with an additional payment of $27 million (NIS 100 million) contingent on IMI meeting agreed performance goals.
On Monday, Prime Minister Benjamin Netanyahu and Minister of Finance Moshe Kahlon signed a control permit enabling the merger.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “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.”
“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.”
