Aeronautics Completes Acquisition of US Company Chassis Plans
Aeronautics first announced the deal in September, but the acquisition was jeopardized when the company came under police investigation in Israel
Hezi Sternlicht, CTech
| 03/06/2018
Amos Mathan, CEO of Aeronautics (Photo: Meir Azulay)
Israel-based Aeronautics announced in a filing to the Tel Aviv Stock Exchange on Sunday that it had completed the acquisition of US-based Company Chassis Plans Inc., first announced in September 2017. Aeronautics paid $2.3 million in cash at the time of closing and is set to pay an additional sum pending sales milestones.
In September, Aeronautics agreed to pay $6 million for the American military and industrial computer system manufacturer, and the deal was subject to regulatory approval in the US Aeronautics first said it expects to complete the deal by the end of November, later pushing the deal's deadline to the end of May 2018.
A police investigation in Israel was the reason Aeronautics’ deal was delayed. In November 2017, Israeli police announced that the company is being investigated in relation to a deal it signed with an undisclosed, non-Israeli client.
In August 2017, the Israeli Ministry of Defense halted Aeronautics’ license to export its Orbiter 1K unmanned aerial vehicle to an “unnamed but prominent customer,” blocking a deal which the company valued at $20 million.
First publication: www.calcalistech.com
Aeronautics first announced the deal in September, but the acquisition was jeopardized when the company came under police investigation in Israel
Amos Mathan, CEO of Aeronautics (Photo: Meir Azulay)
Israel-based Aeronautics announced in a filing to the Tel Aviv Stock Exchange on Sunday that it had completed the acquisition of US-based Company Chassis Plans Inc., first announced in September 2017. Aeronautics paid $2.3 million in cash at the time of closing and is set to pay an additional sum pending sales milestones.
In September, Aeronautics agreed to pay $6 million for the American military and industrial computer system manufacturer, and the deal was subject to regulatory approval in the US Aeronautics first said it expects to complete the deal by the end of November, later pushing the deal's deadline to the end of May 2018.
A police investigation in Israel was the reason Aeronautics’ deal was delayed. In November 2017, Israeli police announced that the company is being investigated in relation to a deal it signed with an undisclosed, non-Israeli client.
In August 2017, the Israeli Ministry of Defense halted Aeronautics’ license to export its Orbiter 1K unmanned aerial vehicle to an “unnamed but prominent customer,” blocking a deal which the company valued at $20 million.
First publication: www.calcalistech.com
