The Israeli defense electronics company has received the necessary government approvals for the acquisition.
Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that it is in the process of completing the acquisition of privately-owned US company Universal Avionics Systems Corporation through an asset acquisition agreement.
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Tuscon-based Universal Avionics Systems manufactures innovative avionics systems for business jets, turboprop aircraft, transport aircraft, helicopters, regional and commercial airliners used by corporate, military and airline operators. The company offers advanced avionics as a retrofit solution for the largest diversification of aircraft types in the industry.
The parties received the necessary government approvals for the transaction, Elbit Systems said and the closing of the transaction is expected in the coming weeks. No financial or other details were disclosed.