Elbit Systems Completes the Acquisition of Mikal's Holdings in Soltam, Saymar and ITL
HAIFA, Israel, Oct. 17 -- Elbit Systems Ltd. (Nasdaq and TASE: ESLT) ("Elbit Systems") announced today, further to its announcements of June 15, 2009, September 14, 2009 and September 2, 2010, that it completed the acquisition of all the shares of Soltam Systems Ltd. ("Soltam"), Saymar Ltd. ("Saymar") and ITL Optronics Ltd. ("ITL") that were held by Mikal Ltd. ("Mikal") and its subsidiaries.
With the completion of the acquisition, Elbit Systems now holds a 100% interest in Soltam and Saymar, and a 87.85% interest in ITL. The balance of ITL's shares, which are traded on the Tel Aviv Stock Exchange, is held by the public.
An amount of approximately $26 million of the purchase price payable by Elbit Systems for the acquisition was placed in escrow with respect to various matters pursuant to the purchase agreement.
Simultaneously to the completion of the acquisition, Elbit Systems sold its holdings in Mikal (approximately 19%) to the other Mikal shareholders.
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of defense-related programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned air vehicle (UAV) systems, advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Company also focuses on the upgrading of existing military platforms and developing new technologies for defense, homeland security and commercial aviation applications. For additional information, visit: www.elbitsystems.com.
SOURCE Elbit Systems
CONTACT:Joseph Gaspar,Executive VP & CFO,j.gaspar@elbitsystems.com,orDalia Rosen,Head of Corporate Communications,dalia.rosen@elbitsystems.com,both of Elbit Systems Ltd.,+972-4-8316663,or fax, +972-4-8316944;orInvestor Relations,Ehud Helft or Kenny Green,both of G.K. Investor Relations,+1-646-201-9246,info@gkir.com
Web Site: www.elbitsystems.com
