According to a reporte by Reuters Israel’s anti-trust regulator on Sunday approved defence contractor Elbit Systems’ planned acquisition of state-owned rival IMI Systems.
Elbit said in June it would buy IMI for up to $522 million and completion of the deal was pending approval from the Israel Antitrust Authority.
“An examination of the merger found that it does not raise a reasonable risk of significant damage to competition,” the authority said in a statement.
“In particular, it was found that the overlap between the activities of Elbit and IMI is relatively marginal, and that in the overlapping areas there is competition from suppliers in Israel or abroad.”
The government announced in 2013 its intention to privatise IMI, a manufacturer of military systems best known for being an early maker of the Uzi submachine gun. Elbit was the last remaining bidder among five that had shown interest.
Full Content: Reuters
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