Elbit Systems Reaches Agreement to Acquire Balance of Elisra's Shares Held by Elta Systems for $67.5 Million
HAIFA, Israel, February 22, 2011 - Elbit Systems Ltd. (NASDAQ and TASE :ESLT) ("Elbit Systems") announced today that it has reached an agreement to acquire the remaining 30% of the shares of Elisra Electronic Systems Ltd. ("Elisra"), held by Elta Systems Ltd. ("Elta") (a subsidiary of Israel Aerospace Industries Ltd.) for $67.5 million. Elbit Systems currently owns 70% of Elisra's shares, and following the acquisition, Elisra will become a wholly-owned subsidiary of Elbit Systems. The acquisition was approved by the boards of directors of Elta and Elbit Systems.
The parties will work to obtain third parties' approvals, to the extent necessary, in order to complete the acquisition.
Elisra is a world leader in the field of Information Warfare (EW, Intelligence and C3), and is comprised of Elisra, Tadiran Electronic Systems Ltd.and Tadiran Spectralink Ltd.
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of 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 aircraft systems ("UAS"), 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, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services.
Source: Elbit Systems Ltd
Company Contact: Joseph Gaspar, Executive VP & CFO, Tel: +972-4-8316663, Dalia Rosen, VP, Head of Corporate Communications, IR Contact: Ehud Helft, Kenny Green, CCG Investor Relations, CCG Investor Relations, Tel: 1-646-201-9246, elbitsystems@ccgisrael.com
