Israeli defense contractor completed a $495m deal to buy state-owned rival IMI Systems. Elbit paid $495m for IMI, with an additional payment of $27m contingent on IMI meeting agreed performance goals. "The synergy between the capabilities of the two companies and the global positioning of Elbit Systems will enable us to offer an enhanced portfolio and to realize the potential of the technologies of IMI in the international arena, making this acquisition significant to our long-term growth strategy." Bezhalel Machlis, Elbit Systems President & CEO.