ILUS International Inc, a US-based M&A firm, signed a letter of intent with an undisclosed British company on February 16, 2024.
The move is a significant step in ILUS’s pursuit of acquisitions and growth in the public safety, industrial, defence, and renewable sectors.
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The British company, operating manufacturing and assembly facilities in the United Arab Emirates, specialises in producing autonomous vehicles, defence solutions, and public safety innovations.
ILUS’s agreement for the acquisition, expected to be finalised in the first quarter of 2024, is structured as a $3,000,000 equity deal, with a mutually agreed leak-out provision activated post the business combination agreement with a NASDAQ-listed company.
The acquisition target, an integrated technology company, designs, develops and manufactures advanced solutions through proprietary robotics and autonomous systems.
These solutions aim to enhance operational capabilities within the defence and security sectors, aligning with ILUS’s focus on cutting-edge technologies.
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By GlobalDataThe company’s proprietary autonomous technology meets NATO standards for operational land, water, and air requirements, positioning it as a significant contributor to ILUS’s strategic goals in the defence market.
ILUS managing director, John-Paul Backwell, said: “This acquisition and those in the pipeline are expected to add value to the ILUS Group.” With the target company boasting a substantial technology valuation and a robust pipeline of orders, it is poised to play a pivotal role in ILUS’s growth trajectory, Backwell said.
In the context of the global defence market’s estimated valuation of over $718 billion by 2027, ILUS International Inc. aims to strengthen its foothold, leveraging the British company’s capabilities and expertise.
The ongoing geopolitical tensions, conflicts, and increased cyber-terrorism threats underscore the demand for innovative defence and security solutions.
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