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Abu Dhabi’s state-backed defense group EDGE has acquired a majority stake in Estonia-based Milrem Robotics, a developer of robotics and autonomous systems sold to NATO members.
The transaction value was not disclosed.
Upon completion of the acquisition, EDGE will gain majority control of the Estonian company, according to a statement on Wednesday. Minority shareholders include company founder Krauss Maffei-Wegmann, CEO Kuldar Väärsi and private Estonian investors including company employees.
Riho Terras, chairman of Milrem’s supervisory board, said that with Abu Dhabi’s EDGE as majority shareholder, Milrem would be able to increase production, hire new staff, expand its product portfolio and acquire “new know-how”.
“This in turn enables the company to contribute significantly and more effectively to the development of Estonia’s defense capabilities,” Terras said.
Milrem has around 200 skilled employees and has offices in Finland, Sweden, the Netherlands and the United States (US). After the transaction is completed, the company’s headquarters will continue to be located in Tallinn, the capital of Estonia.
The company’s products are sold in 16 countries, 8 of which are members of the North Atlantic Treaty Organization (NATO): USA, Estonia, Spain, Netherlands, Norway, France, Germany and the UK.
(Writing by Cleofe Maceda; Editing by Brinda Darasha)
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