In addition, Elta is responsible for communications systems, electronic warfare, tactical radar systems for fighter jets and naval ships. It also manufactures naval vessels, starting with ships such as the Super Debora, unmanned submarines, and advanced weapons systems. More than seventy percent of the company's deals are with foreign customers.
In accordance with the proposed outline, all of Elta's operations, assets, rights and liabilities will be transferred in full to Israel Aerospace Industries, without consideration, and Elta will cease to exist as a separate legal entity. Upon completion of the merger, to the extent approved, Elta will become the sole owner of all of Elta's operations.
In practice, Elta is run as a division of IAI and operates in full cooperation with the company, and no organizational changes are expected that will affect Elta employees as a result of the move, while the implementation of the move ensures the reduction of unnecessary bureaucracy.
The proposed merger is expected to be carried out in accordance with the provisions of the Companies Law as a statutory merger. The implementation of the transaction is subject, among other things, to the approval of the Government of Israel under the Government Companies Law, as well as to additional approvals as may be determined by the parties. The Company's management has been authorized to act with the relevant government agencies in order to advance the transaction and obtain the necessary approvals, as well as to perform all actions required for its implementation.
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