Elbit Acquires Elisra/Tadiran
Elbit Systems Ltd. of Haifa, Israel reported today that it signed an agreement with Koor Industries Ltd. to acquire all of Koor’s 70% holdings in Elisra Electronic Systems Ltd., in consideration for USD $70 million in cash.
Concurrently with the signing of the agreement to acquire Koor’s holdings in Elisra, Elbit Systems and Koor agreed to amend their agreements regarding the purchase of Koor’s holdings of Tadiran Communications Ltd., accelerating the process of joint control.
More details can be found via the Elbit corporate release [PDF document] which describes the various agreement stages, ownership percentages and mechanisms, etc.
Joseph Ackerman, President of Elbit Systems, said: “This is yet another significant step in the consolidation process of the Israeli defense industry, a step clearly expected to enhance our capabilities in the international market. Tadiran Communications and the companies of the Elisra Group – Elisra Electronic Systems Ltd., Tadiran Electronic Systems Ltd. and Tadiran Spectralink Ltd. – all have advanced technological capabilities. They also have unique products with proven operational capabilities in numerous defense forces worldwide, including the Israel Defense Forces, and outstanding employees, who are the key to their success.”
The acquisition agreement relating to Elisra is subject to the receipt of the approval of Elbit Systems’ shareholders as well as governmental authorities, including the Israel Antitrust Authority.
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