Elbit Systems Ltd on Sunday has agreed to buy state-owned weapons maker, Israel Military Industry (IMI) Systems, for NIS 1.8 billion (about $523 million), with another NIS 100 million (about $29 million) depending on financial results, the Finance Ministry said.
The process to privatize IMI Systems started in 2013. Five companies had shown interest in IMI, the manufacturer of the Uzi submachine gun. After a competitive process which took a number of months Elbit was the last remaining bidder, the ministry said.
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The deal would likely make Elbit Israel’s biggest defense contractor.
