March 11, 2018 / 12:27 PM / 5 months ago

Israel's Elbit to buy state-owned IMI Systems for 1.8 bln shekels

JERUSALEM, March 11 (Reuters) - The Israeli government said on Sunday it was selling weapons manufacturer IMI Systems to Elbit Systems for 1.8 billion shekels ($523 million).

Elbit may pay an additional 100 million shekels depending on IMI’s performance, Israel’s Finance Ministry said in a statement.

Elbit had said in February that talks with the government regarding the acquisition of IMI were ongoing. ($1 = 3.4410 shekels) (Reporting by Ari Rabinovitch, Editing by Tova Cohen)

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