Ondas announced an agreement on August 18 to buy Aran Defense for approximately $33 million, subject to adjustments. The buyer said consideration could be paid in cash or its common stock and initially expected the acquisition to close in the third quarter.
Aran Defense is the defense-focused division of Israeli engineering company Aran. It operates about 4,400 square metres of facilities in Israel, combining engineering, prototyping, machining and assembly. Its customers include Israeli government organizations and international defense companies.
Ondas plans to use those operations to expand production for its autonomous systems businesses. The transaction is covered by a definitive agreement. Its approximately $33 million consideration is subject to the adjustments set out in that agreement.