Formula Systems (1985) Ltd. (TASE:FORTY) and Israel Aerospace Industries Ltd. agreed to acquire TSG IT Advanced Systems Ltd. from Ness Technologies Inc. for $50 million in cash on January 14, 2016. Formula and Israel Aerospace will acquire 50% stake each in TSG and pay $25 million each. The purchase price is subject to certain adjustments. The transaction is subject to obtaining certain regulatory approvals. Fischer Behar & Co acted as legal advisor and Israel Discount Capital Markets & Investments Ltd., Investment Banking Arm acted as financial advisor for Fischer Behar & Co acted as legal advisor and Israel Discount Capital Markets & Investments Ltd., Investment Banking Arm acted as financial advisor for Ness Technologies Inc. Formula Systems (1985) Ltd. (TASE:FORTY) and Israel Aerospace Industries Ltd. completed the acquisition of TSG IT Advanced Systems Ltd. from Ness Technologies Inc. on May 9, 2016. The transaction received all appropriate approvals.