Elbit Completes Acquisition of Shiron Satellite
Elbit Systems has completed the acquisition of Shiron Satellite from Polar Communications for $16 million, Elbit announced.
Polar Communications, which owned 47.4 percent of Shiron, said it will record a profit of 22 million shekels ($5.3 million) in the first quarter of 2009 as a result of the deal. Bank Leumi and a number of private investors, venture capital funds and the founders also held shares in Shiron.
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Elbit said it believes that Shiron's broadband solutions technology will be synergetic to the communication technology developed and implemented in its military systems and products.