Israel’s Elbit Systems [ELST] this week said it would acquire another Israeli firm, Azimuth Technologies, which makes GPS systems, electro- optics and data communications for defense and civil applications, for $46.5 million.
Elbit previously acquired a 19 percent stake in Azimuth in 2008. The deal must still be approved by Azimuth’s shareholders and the Israeli Antitrust Authority.
“The acquisition of the balance of Azimuth’s shares underscores our long-term strategy of growth through mergers and acquisitions of complementary companies with high synergistic value,” Joseph Ackerman, president and CEO of Elbit Systems, said in a statement. “The acquisition will provide us with added value in the satellite navigation field, and we expect that the combination of the new capabilities alongside our existing ones will further strengthen our position as a global leader in the electro-optics field in Israel and abroad.”