HAIFA, Israel, 6 May 2007.Elbit Systems Ltd. in Haifa, Israel, has completed its acquisition of the balance of the ordinary shares of Tadiran Communications Ltd. in Petah Tikva, Israel. As a result, Tadiran will become a private, wholly-owned subsidiary of Elbit.
The total amount paid for the tendered shares was about $350 million. These shares represent about 51.16 percent of the total outstanding ordinary shares of Tadiran, and about 52.85 percent of the voting rights.
"The acquisition of Tadiran Communication is in line with our long-term strategy of growth through mergers and acquisitions of complementary companies with high synergistic value," says Joseph Ackerman, president and chief executive officer of Elbit Systems Ltd.
"Tadiran's areas of business complement those of Elbit Systems and represent a significant force multiplier," Ackerman says.
Elbit is a defense electronics company engaged in aerospace, land, and naval systems, command, control, communications, computers, intelligence, surveillance and reconnaissance ("C4ISR"), advanced electro-optic and space technologies, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and equipment.
For more information contact Elbit online at www.elbitsystems.com.