, a France-based manufacturer of drones, has announced it is buying the assets of Dutch unmanned aircraft systems (UAS) company Aerialtronics, which recently announced it would be seeking partners and investors following a solvency procedure.
Drone Volt, taking majority control of Aerialtronics, says the strategic acquisition will strengthen its own position in Europe. Founded in 2011, Drone Volt has offices in France, the Benelux Union, Canada, Denmark, the U.S. and Switzerland. It specializes in the design and commercialization of civil UAS for professional use.
“Our acquisition of the knowledge base of Aerialtronics will enable us to enhance our product offerings, specifically in the field of security,” comments Olivier Gualdoni, CEO of Drone Volt. “We are also taking on a second production site that puts us in a prime position to foresee and cover the demand in Europe for professional drones. This transaction is being conducted under highly favorable financial terms for our shareholders and will allow us to create value. “
Aerialtronics had some 20 employees and was declared bankrupt by the commercial court of The Hague, Netherlands, on Sept. 18. Importantly, Aerialtronics had a broad client base, mainly police forces and government agencies, in some 10 countries where Drone Volt was not present, the company notes.
The sale comprises the main assets of Aerialtronics (intellectual property and inventory) and provides for the transfer of all employees. The contract was signed on Sept. 18. The new company currently being founded is Aerialtronics DV B.V. (Newco).
The contract calls for a down payment of EUR 325,500 and a top-up price of EUR 475,500, to be spread over 2017, 2018 and 2019. Drone Volt says it has committed to subscribe to EUR 100,400 of Newco’s capital stock in return for 50.2% of the shares. This acquisition of assets will include EUR 200,000 put up by Newco; the balance will come in the form of bonds from partner business angels, some of whom are already shareholders in Drone Volt.
Source: Press Release