Elbit Systems Ltd. On Sunday announced that it completed the acquisition of Israel Military Industries (IMI Systems Ltd.) for a purchase price of approximately $495 million, with an additional payment of approximately $27 million contingent upon IMI meeting agreed performance goals.
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.”
Machlis added: “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.”
The decision to privatize IMI was made by the Israeli government in 2013. At the end of a competitive process, Elbit remained as the only suitable prospect for its acquisition. In June 2017, Accountant General Rony Hizkiyahu was authorized by the Committee for the Sale of State Shares to negotiate the terms of selling with Elbit.