Khaberni - The Emirati defense conglomerate "EDGE" confirmed the completion of the acquisition deal of the Israeli defense company "Ain Shlishit" in a deal that closed in January last year.
The general assembly of the Israeli company is expected to hold its meeting on February 15th next to ratify the final version of the deal on its part.
The company "Ain Shlishit" works on developing electro-optical systems combining visual capabilities and artificial intelligence technologies, and the deal with "EDGE" includes an investment of $10 million for about 30 percent of the company’s shares, making "EDGE" the largest shareholder.
The market value of the company "Ain Shlishit" is about 138 million shekels, after an increase of about 42.5 percent last year.
The company explained in its statement that the framework of the joint project discussed by the two companies has not been finalized yet, and it is a project that includes an investment estimated at about $12 million.
According to the preliminary concept that was proposed last year, it was planned that EDGE would own 51 percent of the shares of the joint company, against 43 percent for "Ain Shlishit", and 6 percent for a third party.
"EDGE" is a technology and defense conglomerate headquartered in the UAE, established in November 2019, and includes more than 25 companies specializing in military and civil solutions, employing over 12,000 employees. The company operates in 140 countries, while its accumulated order volume reaches about $12.8 billion.
The conglomerate focuses on developing advanced technologies including unmanned systems, electronic warfare, cybersecurity, and aerial, terrestrial, and naval systems, as well as precision weapon systems. The company aims to provide innovative and rapid solutions for the defense and civilian markets, through collaboration with international partners and adopting modern technologies such as autonomous systems, robotics, and smart materials.
As for the company "Ain Shlishit", it was established in 2010, and its shares were publicly offered in 2021. The company works on developing advanced solutions based on artificial intelligence for optical systems and autonomous tools, with a clear focus on security and defense sectors. It also specializes in edge AI applications and provides technologies for real-time image processing, enabling effective monitoring and control capabilities in complex operational environments.
