Elbit Systems Ltd. (ESLT) announced that on January 24, 2010 a merger agreement was signed with Azimuth Technologies Ltd. under which it will acquire the balance of Azimuth's shares.
In November 2008, Elbit Systems purchased 19% of Azimuth's shares. Under the newly signed agreement Elbit Systems' wholly owned subsidiary, Elbit Security Systems Ltd., will purchase the balance of Azimuth's shares from Azimuth's shareholders for a price of approximately $46.5 million.
According to the terms of the merger agreement an amount of approximately $3.2 million of the consideration will be held by a trustee for the purpose of indemnifying Elbit in accordance with the terms of the agreement and will be distributed, in whole or in part, to the shareholders at a later date as provided in the agreement.
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