Intracom Defense sells majority stake to IAI

Intracom Defense (IDE), a subsidiary of the Intracom Holdings group, signed a deal to sell 90.91% of its shares to Israel Aerospace Industries (IAI) in Athens on Tuesday, a statement by the Israeli company said.

The deal is valued at nearly 60 million euros and is expected to be completed by the second quarter of 2023, pending the fulfilling of terms and the necessary approvals.

IDE specializes in the production of missile launchers, missile subsystems, land and sea tactical communications, and hybrid generation, among others.

The company is active in Greece and other NATO countries and has defense collaborations with leading companies in the United States and Europe.

As a Greek entity, IDE will be integrated into IAI’s business activities in Greece and Europe, while providing solutions to the challenges faced by the continent’s countries.

“After the current acquisition, the company’s Greek customers will continue to benefit from the company’s independence, as well as a larger and more widely deployed range of services for new markets,” the IAI statement said.