Israel's Elbit Systems has agreed to buy IMI Systems, a weapons maker known for Uzi submachine guns, for around $523 million from the Israeli government (which announced plans to privatize IMI back in 2013).

Why it matters: Because it likely would create Israel's largest defense contracting company.

Go deeper at Haaretz: "The deal will create a company with a heavy emphasis on research and development, and whose product range will extend from IMI’s shoulder-launched missiles, precision-guided mortar munitions and rocket-propulsion systems to Elbit’s portfolio of avionic systems, drones and intelligence and cybertechnology."