Eviation Aircraft Ltd. (fka EVTNF)

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Elbit Systems buys Israeli simulator co
BVR develops training simulators for air, sea, and ground forces.

Globes' correspondent
20 Jul 09 11:54

Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has acquired the assets of military training simulator company BVR Systems (1998) Ltd. (Bulletin Board:BVRSF.OB) for $34 million, subject to accounting adjustments.

BVR's market cap, based on Friday's closing share price of $0.20, is $23.39 million.

Elbit Systems president and CEO Joseph Ackerman said, "We welcome BVR's employees to the Elbit Systems family. 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."

BVR develops and produces training, simulation and debriefing systems for air, sea and ground forces.

Ackerman also said that BVR's capabilities complement Elbit Systems' other training capabilities.

Elbit Systems' shares closed at $64.69 on Friday, giving a market cap of $2.72 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on July 20, 2009

http://www.globes.co.il/serveen/globes/docview.asp?did=1000482323&fid=942