Rafael, Aeronautics in Advanced Drones Development Deal

  • Our Bureau
  • 09:41 AM, January 3, 2019
  • 2209
Rafael, Aeronautics in Advanced Drones Development Deal
Orbiter 2 UAV (Image: Aeronautics Ltd)

Israeli companies- Rafael Advanced Defense Systems and UAV manufacturer Aeronautics Limited have signed an agreement to develop advanced drones based on the latter’s Orbiter family of UAVs.

The two companies will develop and manufacture advanced drones (UAV systems) based on the Orbiter family of UAVs. The agreement involves joint marketing and sales of the new systems, first in Israel and later also overseas, subject to obtaining the required authorization, Globes reported Wednesday.

The five-year agreement gives Rafael the right to cancel it in the event of changes in Aeronautics's ownership structure. Aeronautics reported to the Tel Aviv Stock Exchange (TASE) that the new agreement constitutes anchoring and extension of an existing agreement in principle signed 30 months ago.

Rafael had earlier attempted to acquire Aeronautics along with businessperson Avichai Stolero.

Rafael and Stolero were offering to acquire Aeronautics for NIS 430 million (US$114 million), but the offer was rejected as too low. Aeronautics and Israel Aerospace Industries Ltd  yesterday announced that they were in preliminary talks for an investment by IAI in Aeronautics.

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