Israel-based international defence electronics company Elbit Systems has received approval to acquire state-owned IMI Systems from the government for a purchase price of approximately NIS1.8bn ($495m).

The agreement for the acquisition reached between Elbit Systems and the government has now been approved by the Committee for the Tender of the Sale of State Shares and by the Board of Directors of the company.

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

Elbit Systems president and chief executive officer Bezhalel (Butzi) Machlis said: “IMI Systems capabilities and technologies are synergetic to Elbit Systems, making this acquisition significant to our long-term growth strategy.

"IMI Systems capabilities and technologies are synergetic to Elbit Systems, making this acquisition significant to our long-term growth strategy."

“We look forward to completing the transaction, which will enable us to offer an enhanced portfolio to both the Israeli and global markets.

“Elbit Systems has a proven track record of successfully performing major acquisitions, and we are confident that this acquisition will be beneficial for Israel’s economy, as well as for both companies’ employees and customers.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Upon completion, IMI will become a private entity.

The transaction will be completed, subject to the signing of the relevant documents and the receipt of the remaining applicable governmental approvals.

Also, the acquisition will be carried out after receiving approval from the head of the Israeli Antitrust Authority.

IMI Systems is a globally recognised defence systems manufacturer, which focuses on the development and production of comprehensive combat-proven solutions and technologies to be used by the land, air, naval and cyber and homeland security (HLS) forces to address the modern battlefield requirements.