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Elbit Systems To Acquire Shares Of Soltam, Saymar And ITL Optronics - Quick Facts
(RTTNews) - Israel-based defense contractor Elbit Systems Ltd. (ESLT) Thursday said it has signed an agreement to acquire all the shares of Soltam Systems Ltd., Saymar Ltd. and ITL Optronics Ltd., that are currently held by Mikal Ltd. and its subsidiaries for a total consideration of around $87 million.
Upon completion of the acquisition, Elbit Systems will hold, a 100% interest in Soltam and Saymar, and a 87.85% interest in ITL. The balance of ITL's shares, which are traded on the Tel Aviv Stock Exchange, is held by the public. Simultaneously, Elbit Systems will sell its existing holdings in Mikal to the other Mikal shareholders.
The consideration to be paid to Elbit Systems for its 19% holding in of Mikal's shares will be $18 million. In addition, the agreement contains a provision for possible future payments to Mikal subject to the acquired subsidiaries achieving certain business goals.
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