Israel-based international defence electronics company Elbit Systems has received approval to acquire state-owned IMI Systems from the government for a purchase price of approximately NIS1.8bn ($495m).

The agreement for the acquisition reached between Elbit Systems and the government has now been approved by the Committee for the Tender of the Sale of State Shares and by the Board of Directors of the company.

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The deal is also expected to include an additional payment of approximately NIS100m ($27m), subject to IMI Systems meeting certain performance goals.

Elbit Systems president and chief executive officer Bezhalel (Butzi) Machlis said: “IMI Systems capabilities and technologies are synergetic to Elbit Systems, making this acquisition significant to our long-term growth strategy.

"IMI Systems capabilities and technologies are synergetic to Elbit Systems, making this acquisition significant to our long-term growth strategy."

“We look forward to completing the transaction, which will enable us to offer an enhanced portfolio to both the Israeli and global markets.

“Elbit Systems has a proven track record of successfully performing major acquisitions, and we are confident that this acquisition will be beneficial for Israel’s economy, as well as for both companies’ employees and customers.”

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Upon completion, IMI will become a private entity.

The transaction will be completed, subject to the signing of the relevant documents and the receipt of the remaining applicable governmental approvals.

Also, the acquisition will be carried out after receiving approval from the head of the Israeli Antitrust Authority.

IMI Systems is a globally recognised defence systems manufacturer, which focuses on the development and production of comprehensive combat-proven solutions and technologies to be used by the land, air, naval and cyber and homeland security (HLS) forces to address the modern battlefield requirements.