The Israeli government is all set to sell Israel Military Industries (IMI) for an approximate $540 million, Haaretz, Israeli daily reportedMonday.
The company will be sold either directly to an investor or an investor group. The Israeli government has agreed to allow foreigners bidding on the company and will be permitted to buy up to 90% of the equity through a locally incorporated business, the newspaper reported.
“The government had approached international investment banks such as Merrill Lynch, BNP Paribas, Citibank and UBS, about managing the sale, which is slated to occur next year. Other banks that were approached to manage the sale included Rothschild, Deutsche Bank, Morgan Stanley, Credit Suisse, Barclays, JPMorgan and Houlihan Lokey,” Ori Yogev, the director of the Government Companies Authority was quoted as saying by Haaretz.
Israel also plans to sell Israel Electric Corporation and Israel Aerospace Industries in whole or part apart from IMI.
After the sale of IMI is complete, the MoD plans to complete procurement of equipment worth $147 million annually through 2018.
Brig. Gen (ret) Mishel Ben-Baruch has been appointed as the new director for SIBAT, International Defense Co-operation Division of the Israel MoD by Israel's Defense Minister, Lt
The Israel Air Force (IAF) inaugurated the new Flight Training Center for the "Lavi" – M346 Trainer at Hatzerim Air Force Base. Elbit Systems, the prime contractor, developed and delivered the new "Lavi" Ground Based Training System (GBTS) center together with Alenia Aermacchi (Finmeccanica Group), CAE and Sellex ES (Finmeccanica Group), following a selection by "TOR - Advanced Flight Training", which is responsible to the IAF for the operation of the trainer aircraft
The Indian Cabinet Committee on Security (CCS) on Wednesday cleared the acquisition of $143 million worth 262 Israeli Barak-I anti-missile defense (AMD) system to be fitted to 14 frontline warships, according to local media reports. The procurement case was finalized by Defense Ministry after the Attorney General gave an opinion in favor of procuring the missiles as their acquisition was put on hold in view of a CBI probe into charges of corruption in the deal
Israeli Laser Homing Anti-Tank Missile (LAHAT) will no longer be fitted on Indias homemade Arjun Mk-2 tank because it does not meet the armys requirement, according to local daily the Hindustan Times. The LAHAT missile did not meet the armys requirements of engaging targets at ranges of less than 1,200 metres
RADA announced the successful operational debut of its MHR Radar System (Multi-Mission Hemispheric Radar) during the recent Gaza conflict (Operation “Protective Edge”). The system's significant operational contribution includes the detection of enemy mortar shells, short-range rockets, and UAVs
The new INS Tanin submarine, built in Germany, has joined the Israeli Navy, the Israel Defense Forces announced today.Israels powerful INS Tanin (Crocodile) submarine is on its way from Germany to the port of Haifa
An Israeli Air Force (IAF) developed system will allow better tracking of the performances of UAVs of the "Heron 1" and "Hermes 450" models. "We will be able to understand the malfunctions better and maybe even prevent them from happening", an IAF release said
Israel is likely to order 12 to 15 in the purchase of a second squadron of advanced F-35 fighter jets from the US as against the earlier deal of 31 aircrafts, local media reported. Strategic Affairs Minister Yuval Steinitz was quoted as saying by Haaretz, Israeli daily earlier this month that “the money for the highly-touted deal should instead be spent developing Israels drone force and buying more relatively inexpensive rockets that can be launched from the air, sea, or land
Israeli defense minister Moshe Yaalon has announced the scrapping of a multi-billion-dollar arms deal which includes the procurement of six V-22 Osprey aircraft from the US, local media reported Thursday. The decision to scrap the deal signed last year was taken after Yaalon was reportedly shunned by Washington officials during his visit to the US
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