- Elbit Systems ( NASDAQ: ESLT ) closed the sale of all ordinary shares held by its wholly-owned Israeli subsidiary, IMI Systems in IMI's 84.98%-owned subsidiary, Ashot Ashkelon Industries and all capital notes of Ashot held by IMI and Elbit Systems, to FIMI Opportunity Funds for ~$84M in cash.
- Ashot specializes in the manufacture of jet engine shafts, transmissions, gears and gearboxes, landing gear components and tungsten products for the aerospace and defense industries while FIMI is a private equity fund in Israel with $7B+ in AUM.
- "This sale is consistent with our strategy to focus on our core areas of business. Since the acquisition of IMI by Elbit Systems, Ashot has improved its business focus and operational efficiency," president & CEO Bezhalel (Butzi) Machlis commented.
- Shares trading 2.9% higher premarket.
For further details see:
Elbit Systems closes Ashot sale to FIMI Opportunity Funds for $84M