Aeronautics is in talks to sell its 50% stake in Controp Precision Technologies, a maker of electro-Optical and precision motion control systems for defense and homeland security applications, to the U.S. private equity giant KKR at a $150 million valuation, TheMarker has learned.
Aeronautics, the troubled maker of military drones, reported it was in talks on Tuesday but didn’t identify the buyer or financial terms. The prospective sale, for which Aeronatics would get 280 million shekels ($74.9 million), is the latest development that has seen the share price soar for the troubled maker of military drones.
On Sunday investor Aharon Frankel reported building up his stake in the company to 17.3%. A day later Israel Aerospace Industries said Tuesday it was in talks to invest in the company. State-owned IAI said the talks were at an early stage, and no financial details were disclosed.
Shares of Aeronautics closed up 0.5% at 9.23 shekels on Wednesday.
Source: Haaretz
Wow, Don’t they have insider trading laws there?