Intracom Technologies, a subsidiary of Intracom Holdings, has signed a binding agreement with Israel Aerospace Industries Ltd (IAI) for the sale and transfer of 90.91% of Intracom Defense (IDE).
As indicated in the corresponding announcement, the value of the transaction amounts to approximately 60 million euros and is expected to be finalized during the second quarter of 2023.
INTRACOM HOLDINGS (ATHEX: INTKA) announces that INTRACOM TECHNOLOGIES Sarl, a subsidiary of the INTRACOM HOLDINGS Group, has signed a binding agreement with ISRAEL AEROSPACE INDUSTRIES Ltd (IAI) for the sale and transfer of 90.91%, i.e. 23,103,305 Shares Nominals of INTRACOM DEFENSE (IDE), a Greek company with a long-standing international presence and notable export activity in the field of defense systems. It should be noted that the remaining 9.09% of IDE’s shares belong to senior and senior management of IDE.
The value of the transaction amounts to approximately 60 million euros and is expected to close during the second quarter of 2023, provided that the stipulated terms and conditions have been paid and the necessary approvals have been granted.
Intracom’s full announcement:
A binding agreement has been signed today with ISRAEL AEROSPACE INDUSTRIES (IAI) for the sale of INTRACOM DEFENSE SA. (IDE), a subsidiary of the INTRACOM HOLDINGS group, which occupies a leading position in the defense sector in Greece. IDE specializes in the production of missile launchers and subsystems, land and sea tactical communications, hybrid energy systems, etc.
The company operates in Greece and NATO countries and has deep, long-term relationships with leading companies in the United States and Europe. IDE will collaborate with IAI which already has commercial activities in Greece in particular, and in Europe in general, providing an answer to the challenges faced by the countries of the continent in the field of security.
IAI maintains extensive partnerships in European countries and provides advanced, functional and operationally proven systems at sea, in the air and in space. The acquisition of IDE will strengthen and expand the business in Greece and NATO countries and help promote the company’s variety of solutions, solutions that meet end-user requirements and are fully tailored to members. NATO and the European Union.
Customers of the Greek company will benefit, even after its acquisition, from the continued preservation of its independence, providing services with a broader footprint as well as a greater range of functions. The company’s employees will benefit from the expansion of its activities, as well as the use and strengthening of the company’s international connections in new markets.
IAI is known worldwide as a leading company, with its air and ground defense systems and unmanned systems considered world-class masterpieces of defense engineering used by militaries around the world. These systems are the result, among other things, of the “Startup Nation” spirit that runs through the veins of the company and which has been reflected time and time again in the aerospace industry’s unwavering investment in research and development.
Over the past few years, IDE has been working on the development of its products in the military sector, and according to the Vetronics World Military Market ranking published in September 2021, the company is included in the list of the top 15 manufacturers of intelligent combat systems. global. The closeness between companies that underpins technological excellence is natural and presents important prospects for meeting the dynamics and changing demands of aerospace customers.
IAI CEO Boaz Levy said: “The acquisition of INTRACOM DEFENSE is another step towards expanding our business activities in Greece in particular, and in Europe in general. Given the increase in defense budgets on the continent and in response to the growing demand for air transport defense systems – in which the aerospace industry plays a leading role and is a global name, with unique solutions and innovative. IAI and IDE share a common vision, driven by a constant desire for uncompromising quality, and that is why we have collaborated more than once over the years.”
President and CEO of INTRACOM HOLDINGS, Sokratis Kokkalis, said: “This agreement today is a recognition of the exceptional capabilities of a particular Greek industry – IDE as a globally recognized company. IDE’s success is the result of 40 years of investment in capital and human resources. effort, with perseverance and against all odds. We are proud to participate today in strengthening the Greek defense industry and in general in the relations between Greece and Israel. I would like to thank all the employees and the management of Mr. Trullinos for the many years of constructive cooperation”.
IDE CEO, Giorgos Troullinos, said: “IDE is the leader in the electronic defense systems industry in Greece, with a customer base consisting of the largest defense companies in Europe and the United States, including IAI. , with whom we have successfully cooperated in a series, I believe that this transaction will give IDE the opportunity to strengthen and develop its technical capabilities and increase its global footprint for the benefit of the Greek economy, the Greek national defence, as well as Greek and European industry.