Elbit Systems Completes IMI Acquisition

Israeli defense contractor Elbit Systems Ltd. announced Sunday it had completed the acquisition of state-owned arms manufacturer Israeli Military Industries (IMI) Systems Ltd. Elbit paid approximately $495 million (NIS 1.8 billion) and had agreed to make an additional payment of about $27 million (NIS 100 million) contingent upon IMI meeting certain agreed upon goals. Last week, Israel’s Prime Minister and Defense Minister Benjamin Netanyahu signed a control permit enabling the deal.