Brief

Israeli Regulator Approves Elbit’s Acquisition of Israeli Arms Manufacturer IMI

Elbit will pay around $520 million for the state-owned developer of the Uzi submachine gun

Michal Halperin, the general director of Israel’s Antitrust Authority, has approved the acquisition of state-owned Israeli arms manufacturer IMI Systems Ltd. (Israeli Military Industries) by Israeli defense contractor Elbit Systems Ltd., the Antitrust Authority announced Sunday. Calcalist first reported on the negotiations between Elbit and IMI in January. The completion of the NIS 1.9 billion (around $520 million) deal was announced in June.

 

Nasdaq-listed Elbit and its subsidiaries develop, manufacture, and distribute military-oriented technologies in the fields of communications, aerospace, land and naval systems, surveillance and reconnaissance. Elbit employs around 12,500 people worldwide, 10,000 of which in Israel. Founded in 1933, IMI, most famous for its development of the Uzi submachine gun, develops and manufactures weapon systems for land, air, and naval combat.

 

Michal Halperin, general director of Israel’s Antitrust Authority. Photo: Ohad Zwigenberg