HAIFA, Israel, July 20 (UPI) -- Israel-based Elbit Systems Ltd. announced the acquisition of defense training and simulation technologies developer BVR Systems.
Elbit said Monday it signed an agreement to acquire the assets of BVR Systems. The acquisition is part of a long-term strategic growth effort by Elbit, an international defense electronics company.
Officials say the acquisition of assets from BVR Systems, a training, simulation and debriefing technologies developer for defense applications, was valued at $34 million and is subject to the fulfillment of approvals required by law.
"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.
"BVR Systems is a well-established company with advanced technology products that have proven operational success. The company's capabilities complement Elbit Systems' other training capabilities."