IAI signs agreement to acquire 50% of BlueBird shares for $14.4 million
“The combined companies will offer a broader portfolio of VTOL products with advanced technological benefits at competitive prices,” says IAI exec
Udi Etzion | 19:37 24.09.2020
Israel Aerospace Industries (IAI) signed an agreement on Thursday to acquire 50% of the equity of BlueBird Aero Systems. As part of the transaction, IAI is acquiring the holdings of India- based Piramal Technologies SA, and additional shares from Fiberless Access and Ronen Nadir for NIS 50 million ($14.38 million). Nadir will continue to hold 50% of BlueBird shares and continue to serve as the company’s CEO. BlueBird was founded in 2002 and employs 70 workers. It develops and integrates small tactical unmanned aircraft systems (AUS) for the Israeli security sector and foreign governments. Its specialty is AUVs that can take off and land vertically, a capability that was initially designed for use on sea vessels but has become popular for ground forces too since they don’t require access to a runway. VTOL capabilities also have benefits for the commercial sector and can be used for small cargo deliveries, with a range and speed that beats that of available drones.
“I am delighted by IAI’s decision to become a part of BlueBird and wish to thank the BlueBird team for their support and dedication over the years,” Nadir said in a statement. “Along with IAI’s vast technological and innovative abilities and its infrastructure and world market access, we will continue to grow the company and extend its market share.”