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Monday, October 13, 2014

Sale of Israel Military Industries gets under way

Israel Military IndustriesThe Israeli government has begun the process of selling Israel Military Industries, the original manufacturer of the Uzi submachine gun, in a sale that values the company at some 2 billion shekels ($540 million).

Ori Yogev, the director of the Government Companies Authority, said the government had approached a handful of international investment banks, among them Merrill Lynch, BNP Paribas, Citibank and UBS, about managing the sale, which is slated to occur next year.

“After many long years, we are taking a significant step today in selling IMI as a company investors will find attractive and which will operate, after its sale, as a defense company in a competitive marker” Yogev said in a meeting with IMI executives last week.

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