Reports of progress on IMI deal boost Elbit Systems

IMI Magic Spear Photo: PR

Elbit Systems' share price is sharply up on the Tel Aviv Stock Exchange this morning.

The share price of Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) is currently up 4.64% on the Tel Aviv stock Exchange, following press reports that progress has been made in the past few days on negotiations between the company and the state on the acquisition of Israel Military Industries (IMI). The process of the privatization of IMI, which began eleven years ago, has been through many twists and turns, in the end leaving Elbit Systems as the sole bidder for the state-owned defense company.

The price of the deal for Elbit Systems is estimated at NIS 1.7-1.8 billion. It will probably be paid by raising debt, in addition to Elbit Systems' substantial cash balance.

Published by Globes [online], Israel business news - www.globes-online.com - on January 15, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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IMI Magic Spear Photo: PR
IMI Magic Spear Photo: PR
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