HAIFA, Israel, May 11 (UPI) -- Elbit Systems said Tuesday it completed its strategic acquisition of Israel's navigation and target acquisition solutions developer Azimuth Technologies.
The purchase of the remainder of Azimuth shares places approximately $1.6 million in trust for release to shareholders of Azimuth. Officials say the total acquisition price of the remainder of the Azimuth's shares was approximately $ 41.5 million.
The merger agreement was signed in January by Elbit's Security Systems unit and Azimuth and follows Elbit's initial purchase of 19 percent of the company's shares in 2008.
Azimuth said in a news release that along with its subsidiary in the United Kingdom, the company provides "navigation and target acquisition, fire coordination, north finding systems as well as electro-optics for defense and government solutions."
