Israeli defense enterprise acquires Greek defense company
Date
5/11/2023 1:59:43 AM
(MENAFN) Greek media has reported that a major Israeli defense enterprise has purchased a Greek defense company. According to state-run AMNA news agency, Intracom Defense (IDE), a subsidiary of the Intracom Holdings group, has signed a deal to sell 90.91 percent of its shares to Israel Aerospace Industries (IAI) for approximately €60 million (USD65.75 million). The deal is expected to be completed by the second quarter of 2023.
IDE specializes in producing missile launchers, missile subsystems, and land and sea tactical communications. Once the Acquisition is complete, IDE will be integrated into IAI's business activities in Greece and Europe. The move is expected to strengthen IAI's presence in the region and expand its capabilities in the defense and aerospace sectors.
IAI is one of the world's largest defense and aerospace enterprises and is owned by the Israeli state. The company specializes in developing and manufacturing advanced technologies for air, space, land, sea, and cyber domains.
The acquisition of IDE is part of IAI's broader strategy to expand its global footprint and strengthen its position in key markets. The move also reflects the growing importance of the defense and aerospace sectors in Greece and the wider region, as countries seek to modernize and upgrade their military capabilities in response to evolving security challenges.
The acquisition of IDE by IAI is also expected to have broader economic implications, as it could lead to increased investment and job creation in the defense and aerospace sectors in Greece and Europe. The move is likely to generate significant interest among industry stakeholders and could spur further consolidation and investment in the sector in the coming years.
Overall, the acquisition of IDE by IAI represents a significant development in the defense and aerospace sectors in Greece and the wider region. The move is expected to strengthen IAI's position in the market and expand its capabilities, while also generating economic benefits for Greece and Europe.
MENAFN11052023000045014228ID1106223719
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.