HAIFA, Israel, Jan. 25 (UPI) -- Elbit Systems has released plans to purchase the remaining shares of Israeli company and satellite navigation solutions developer Azimuth Technologies.
Elbit announced in early November a merger agreement with Azimuth. Sunday Elbit said it will acquire the remaining shares of Azimuth, outstanding from its initial 19 percent stake in the company.
Elbit says the acquisition of Azimuth, a developer of satellite navigation systems, electro-optics and data communications technologies for defense applications, is a move to compliment its Electro-Optics Elop business unit.
"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, Elbit Systems president and chief executive officer, 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."