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BVR Systems sells assets to Elbit Systems

Posted on: Fri, 20 Nov 2009 13:07:00 EST

Symbols: ESLT, BVRSF

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Nov 20, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
ESLT | Quote | Chart | News | PowerRating -- BVR Systems (1998), Ltd. has sold all of its assets to Elbit Systems, Ltd. Both the companies are based in Israel.

BVR is engaged in activities of development, manufacture, and delivery of advanced military training and simulation systems, while Elbit is a developer, manufacturer, and integrator of defense electronic and electro-optic systems.

Announcement (July 20, 2009):

BVR has signed an agreement to sell all of its assets to Elbit for $34 million in cash.

Additionally, the amount payable at closing will be reduced by a further $1.5 million, which will be held in escrow for a period of 120 days, and BVR will be entitled to receive up to the amount held in escrow.

As part of the transaction, BVR has provided certain representations and warranties to Elbit for a period of eighteen months from the closing and has undertaken to guarantee its indemnification obligations in connection with the representations and warranties, by pledging a cash deposit of $1.5 million in favor of Elbit. The transaction will also include the re-employment of BVR's employees by Elbit.

Deal Value (US$ Million) 34
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Completed: 2009-11-19

Deal Participants

Target (Company)   BVR Systems (1998), Ltd. - Assets
Acquirer (Company) Elbit Systems, Ltd.
Vendor (Company)   BVR Systems (1998), Ltd.

For full details on Elbit Systems (ESLT) ESLT. Elbit Systems (ESLT) has Short Term PowerRatings at TradingMarkets. Details on Elbit Systems (ESLT) Short Term PowerRatings is available at This Link.

For full details on (BVRSF) BVRSF. (BVRSF) has Short Term PowerRatings at TradingMarkets. Details on (BVRSF) Short Term PowerRatings is available at This Link.

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