Elbit completes BVR assets acquisition

HAIFA, Israel, Nov. 20 (UPI) -- Israeli defense contractor Elbit Systems Ltd. has completed its acquisition of military training and simulation solutions company BVR Systems.

Elbit, an international defense electronics company, announced Thursday it finalized its acquisition of Israel-based BVR Systems' assets as part move to expand its global defense market presence.

A company release in July said the acquisition of BVR System's business activities is "in line with our long-term strategy of growth through mergers and acquisitions of complementary companies with high synergistic value," Joseph Ackerman, Elbit Systems president and chief executive officer, said in a statement.

Officials say the acquisition, announced at the end of July following necessary approvals, cost Elbit $34 million.