Israel’s Elbit Acquires in Brazil

Israel-based Elbit Systems says it has acquired Brazil’s Ares Aeroespecial e Defesa and Periscopio Equipamentos Optronicos. The buyer says nothing about terms beyond the fact that the deal was done through “a series of transactions totaling tens of millions Brazilian reais.” Ares and Periscopio are involved in the area of defense electronic systems and supply a range of products to the Brazilian military and other markets in South America. They are located in the vicinity of Rio and have approximately 70 employees. “The selling shareholders are continuing to perform management functions in the companies following the acquisition,” says Elbit. Elbit is an international defense electronics company.