Elbit completes purchase of Israel's IMI after government approval

Israeli defense contractor Elbit Systems said on Sunday it completed a $500 million deal to buy state-owned rival IMI Systems after receiving government approval for the privatization of IMI last week. Elbit paid $495 million for IMI, with an additional payment of $27 million contingent on IMI meeting agreed performance goals. "The synergy between the capabilities of the two companies ... will enable us to offer an enhanced portfolio and to realize the potential of the technologies of IMI in the international arena, making this acquisition significant to our long-term growth strategy," Elbit CEO Bezhalel Machlis said.