Israeli Elbit Systems buys 2 Brazilian defence firms

TEL AVIV Dec 30 (Reuters) - Israeli defence electronics firm Elbit Systems (ESLT.O) (ESLT.TA) has acquired the Brazilian companies Ares Aeroespecial e Defesa SA and Periscopio Equipamentos Optronicos SA.

The acquisition was carried out in a series of transactions totaling tens of millions of Brazilian reals, Elbit said on Thursday.

Ares and Periscopio are involved in the area of defense electronic systems and supply a range of products to the Brazilian military as well as to additional markets in South America.

Located in the vicinity of Rio de Janeiro, the companies have approximately 70 employees.

The selling shareholders will continue to perform management functions in the companies following the acquisition. (Reporting by Tova Cohen; Editing by Jon Loades-Carter)