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.
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.