Psagot Finance and Investment Group (TASE: GPST), controlled by Rani Zim, announced the signing of a memorandum of understanding to purchase all shares of the unmanned ground vehicle company. Robot teamWhich develops and manufactures robots for military and security tasks.
Under the memorandum of understanding, all of Roboteam's shares will be transferred to Psagot, and in exchange, the company's existing shareholders will be allocated 56.3% of the company's common stock worth $40 million of Roboteam, plus options, under certain conditions. Conditions, you will be able to increase your share to 70%. The completion of the transaction is conditional, among other things, on the conduct of due diligence, various approvals, as well as on the fact that the cash in the Psagot Fund will be at least NIS 100 million, and without other assets and liabilities. It is expected that this will take place after the completion of the sale of the rest of the financial activities of Psagot.
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Roboteam was founded in 2009 by Yossi Wolf and Elad Levy. Current shareholders include Elbit Systems (21%), which has a strategic agreement with the company, and Italian insurance group Generali (11%). The company is currently headed by CEO Matan Shervi and Chairman of the Board of Directors Uzi Rosen.
Roboteam sells its products in more than 30 countries. The company says that in 2024, revenue based on the current backlog of orders could reach $12 million, and in 2025 it is expected to grow by more than 50%. The company is profitable in terms of EBITDA.
Published by Globes, Israel Business News – en.globes.co.il – on June 9, 2024.
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