IMI Systems' supersonic air-to-ground Rampage missile. Photo courtesy of IMI Systems
Elbit Systems has reached an agreement with the Israeli government for the tender of state shares related to the company’s pending $495 million acquisition of IMI Systems, which is also based in Israel.
Elbit said completion of the deal is still subject to further government approvals, including by Israel’s antitrust authority.
In addition to the agreed purchase price, the acquisition includes an additional payment of about $27 million based on IMI meeting certain performance goals.
“IMI Systems' capabilities and technologies are synergistic to Elbit Systems, making this acquisition significant to our long-term growth strategy,” Bezhalel Machlis, Elbit president and CEO, said in a statement.
IMI develops and manufactures a wide range of systems and technologies including radar, rocket and artillery systems, aircraft anti-missile countermeasures, active protection systems, counter-UAS solutions and more.
Elbit works in a variety of defense verticals, especially focusing on C4ISR and electronic warfare. The company also recently acquired Universal Avionics.
This was originally published at Defense Daily.