BREAKING NEWS

Elbit Systems to buy remaining stake in Elisra

By GLOBES

FEBRUARY 22, 2011 12:01

Defense electronics company Elbit Systems Ltd. on Tuesday announced that it will buy the 30 percent of Elisra Electronic Systems Ltd. that it does not already own.

Elbit will pay $67.5 million for the stake.

Israel Aerospace Industries Ltd., through subsidiary Elta Systems, owned the 30% stake in Elisra, and Elbit owned the other 70%.

Following the acquisition, Elisra will become a wholly-owned subsidiary of Elbit Systems.

Elisra develops information warfare (electronic warfare, intelligence and C3) systems, and is comprised of Elisra, Tadiran Electronic Systems Ltd., and Tadiran Spectralink Ltd.

Elbit Systems share price closed last week at $51.78, to give a market cap of $2.21 billion.

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