Israel’s Elbit to buy state-owned IMI Systems for $523 million

JERUSALEM (Reuters) – The Israeli government said on Sunday it was selling weapons manufacturer IMI Systems to Elbit Systems (ESLT.TA) for 1.8 billion shekels ($523 million).

FILE PHOTO: Logo of Israeli defence electronics firm Elbit Systems is seen at their offices in Haifa, Israel February 26, 2017. REUTERS/Baz Ratner/File Photo

Elbit (ESLT.O) may pay an additional 100 million shekels depending on IMI’s performance, Israel’s Finance Ministry said in a statement.

Elbit had said in February that talks with the government regarding the acquisition of IMI were ongoing.

($1 = 3.4410 shekels)

Reporting by Ari Rabinovitch, Editing by Tova Cohen

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