Elbit Systems has completed the acquisition of Israeli Government-owned IMI Systems for a purchase price of approximately NIS1.8bn ($495m).

The deal includes an additional payment of approximately NIS100m ($27m), which is subject to IMI Systems meeting certain agreed performance goals.

Elbit Systems president and chief executive officer Bezhalel (Butzi) 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 realise 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.”

“IMI Systems focuses on the development and production of combat-proven solutions and technologies used by the land, air, naval and cyber and homeland security forces.”

In June, the acquisition agreement between Elbit Systems and the government received approval from the committee for the tender of the sale of state shares and by the board of directors of the company.

The transaction has been completed following the signing of the relevant documents and the receipt of the remaining applicable governmental approvals, as well as approval of the head of the Israeli Antitrust Authority.

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Formerly known as Israel Military Industries, IMI Systems focuses on the development and production of combat-proven solutions and technologies used by the land, air, naval, cyber and homeland security forces.