May 12, 2010 (FinancialWire) — Elbit Systems Ltd. (NASDAQ: ESLT) said that it has completed the acquisition of the balance of shares in Azimuth Technologies Ltd. under a merger agreement signed by Azimuth and Elbit Systems' wholly owned subsidiary, Elbit Security Systems Ltd., in January 2010.

In November 2008, Elbit Systems purchased 19% of Azimuth's shares. The purchase price for the balance of Azimuth's shares, following certain adjustments made in accordance with the merger agreement, is around $41.5 million, according to Elbit.

Under the terms of the merger agreement, an amount of around $1.6 million of the purchase price will be held in trust, to be released to Azimuth's shareholders subject to the terms of the merger agreement.

Azimuth is an Israeli company engaged mainly in the areas of navigation and target acquisition, fire coordination, north finding systems as well as electro-optics for defense and government solutions. Azimuth also has a subsidiary in the UK engaged in similar activities.

Israel-based Elbit Systems is an international defense electronics company engaged in a range of programs. The company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance, unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios.

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