June 19, 2018 / 8:03 AM / 10 months ago

Israel's Elbit to buy weapons maker IMI for $522 mln

JERUSALEM, June 19 (Reuters) - Israeli defence firm Elbit Systems said on Tuesday it reached an agreement with the government to buy state-owned rival IMI Systems for up to $522 million, though the deal still requires approval from the Israel Antitrust Authority.

The government announced in 2013 its intention to privatise IMI, a manufacturer of military systems best known for being an early maker of the Uzi submachine gun. Elbit was the last remaining bidder among five that had shown interest.

Elbit said it will pay up front about $495 million, with an additional payment of approximately $27 million contingent upon IMI meeting certain performance goals.

Completion of the deal would likely see Elbit top Israel Aerospace Industries as the country’s biggest defence contractor. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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