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Abu Dhabi state-backed defence conglomerate EDGE has acquired a majority stake in Estonia-based Milrem Robotics, a developer of robotics and autonomous systems that are sold to NATO member countries.
The value of the transaction has not been disclosed.
After the acquisition, EDGE will take majority control of the Estonian company, according to a statement on Wednesday. The minority shareholders include the company’s founder Krauss Maffei-Wegmann, CEO Kuldar Väärsi and Estonian private investors, which include company employees.
With Abu Dhabi’s EDGE as the majority shareholder, Milrem will be able to increase its production, hire new staff, expand its product portfolio and acquire “new know-how”, according to Riho Terras, Chairman of the Supervisory Board of Milrem.
“This in turn allows the company to significantly and more efficiently contribute to the development of Estonia’s defence capability,” Terras said.
Milrem has approximately 200 skilled staff in its payroll and operates offices in Finland, Sweden, the Netherlands and the United States (US). The company will continue to be based in the Estonian capital Tallinn after the transaction.
The company’s products have been sold to 16 countries, eight of which are members of the North Atlantic Treaty Organisation (NATO): US, Estonia, Spain, the Netherlands, Norway, France, Germany and United Kingdom.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
