Israeli insurer Phoenix Holdings Ltd. bought a 5.18% stake in Israeli drone maker Aeronautics Defense Systems Ltd., according to a Monday filing to the Tel Aviv Stock Exchange. The deal was completed in late March.
Following the announcement, on Monday Aeronautics’ stock went up by 1.73% and the company traded at a market value of $143 million (NIS 501 million).
Aeronautics first listed on the exchange in June 2017 and was traded at a market value of approximately $285 million (NIS one billion) through July, before its stock began declining. Aeronautics’ stock has since plunged more than 50%.
Founded in 1997 and headquartered in central Israel, Aeronautics develops and manufactures unmanned aerial systems (UAS) for military and homeland security use, and has over 45 defense, military, and homeland security customers worldwide.
Source: CTECH