In Israel Aerospace Industries Ltd (IAI) 90.91% of Intracom Defense (IDE)

By | May 9, 2023

Intracom Technologies, a subsidiary of Intracom Holdings, entered into 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 completed in the second quarter of 2023.

INTRACOM HOLDINGS (ATHEX: INTKA) announces that INTRACOM TECHNOLOGIES Sarl, a subsidiary of the INTRACOM HOLDINGS group, has entered into a binding agreement with ISRAEL AEROSPACE INDUSTRIES Ltd (IAI) for the sale and transfer of 90.91%, i.e. 23 103 305 nominal shares of shares of INTRACOM DEFENSE (IDE), a Greek company with a long international presence and notable export activity in the field of Defense systems. It should be noted that the remaining percentage of 9.09% of IDE’s shares belongs to the main and main executives of IDE.

The value of the transaction amounts to approximately 60 million euros and is expected to be completed in the second quarter of 2023, provided that the stipulated terms and conditions have been paid and the necessary approvals have been granted.

Full Intracom Announcement:

A binding agreement was 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 power systems, etc.

The company operates in Greece and NATO countries and has deep and longstanding relationships with leading companies in the US and Europe. IDE will collaborate with IAI, which already has commercial activity in Greece in particular, and in Europe in general, responding 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 activity in Greece and NATO countries and will help promote the company’s variety of solutions, solutions that meet the requirements of end users and are fully tailored for NATO members and the European Union.

The Greek company’s customers will benefit, even after its acquisition, from the continued preservation of its independence, providing services with a broader footprint and greater variety of functions. The company’s employees will benefit from expanding its activities as well as utilizing and strengthening the company’s international connections in new markets.

IAI is known around the world as a leading company, with its maritime and land air defense systems and unmanned systems considered world-class defense engineering masterpieces used by militaries around the world. These systems are the result, among other things, of the “Startup Nation” spirit that runs through the company’s veins and has been repeatedly reflected in the aerospace industry’s unwavering investment in research and development.

Over the last 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 15 best manufacturers of intelligent security systems. combat. world. A marriage between companies that emphasizes technological excellence is a natural fit and has significant 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 Europe in general. In view of increasing defense budgets on the continent and In response to the growing demand for air defense systems, in which the aerospace industry plays a leading role and is a global name, with unique and innovative solutions, IAI and IDE share a common vision, driven by the constant desire for quality. without compromise, and that’s why we’ve partnered more than once over the years.”

INTRACOM HOLDINGS President and CEO Sokratis Kokkalis said: “Today’s agreement is a recognition of the outstanding capabilities of a special 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 persistence and against all odds. We are proud that today we are participating in the strengthening of the Greek defense industry and in general in the relations between Greece and Israel. I want to thank all the employees and management under Mr. Trullinos for the many years of constructive cooperation.”

IDE CEO Giorgos Troullinos said: “IDE is the leading industry in electronic defense systems in Greece, with a customer base consisting of the largest defense companies in Europe and the US, including IAI, with with whom we have successfully cooperated in a number I believe that this transaction will give IDE the opportunity to strengthen and develop its technical capabilities and increase its global presence in the interest of the Greek economy, Greek national defense, as well as Greek and European industry” .

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