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15 Jan 26. Amphenol Corporation (NYSE: APH) (the “Company” or “Amphenol”), as part of its completed acquisition (the “CCS Acquisition”) of the Connectivity and Cable Solutions business from Vistance Networks, Inc. (formerly known as CommScope Holding Company, Inc., or “Seller”), announced today further details regarding its open offer to acquire up to 1,196,000 fully paid-up equity shares of face value of INR 10 of ADC India Communications Limited (the “Target Company”), representing 26.00% of the Target Company’s voting share capital, from the public shareholders of the Target Company, pursuant to and in compliance with the requirements of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended (the “SEBI (SAST) Regulations”) (the “Open Offer”). After the completion of the CCS Acquisition, the Target Company became an indirect majority-owned subsidiary of Amphenol. The Open Offer is a mandatory open offer under Regulations 3(1), 4 and 5(1) of the SEBI (SAST) Regulations and is being made as a result of an indirect acquisition of voting rights and control of the Target Company by the Company, pursuant to execution of the Purchase Agreement, dated as of August 3, 2025, by and between the Seller and the Company (the “Purchase Agreement”). The Open Offer is being made at a price of INR 1,233.59 (or approximately US$13.68) per share (the “Offer Price”), and assuming full acceptance under the Open Offer, the total consideration payable by the Company in cash will be INR 1,475,373,640.00 (or approximately US$16.36 million). The Open Offer is not conditional upon any minimum level of acceptance. The public announcement published on August 6, 2025, supplemental information regarding the participation in the Open Offer, and the complete terms and conditions of the Open Offer as set out in the Detailed Public Statement issued by the Company on January 15, 2026 are posted on the “Investors – News & Events” section of the Company’s website and will also be available on SEBI’s website at www.sebi.gov.in. Such documents contain important information about the Open Offer and related matters, and we encourage all public shareholders to review those materials in detail prior to making a decision regarding the Open Offer. The US$ amounts above are for convenience only, and were converted from INR at the rate of US$ 1 = INR 90.2016 as on January 14, 2026 (source: https://www.rbi.org.in/scripts/referenceratearchive.aspx).
Disclaimer for Persons in the United States of America
The Open Offer is being made for securities of an Indian company and is subject to the laws of India. Public shareholders in the United States of America (“U.S.”) should be aware that any documents relating to the Open Offer have been or will be prepared in accordance with Indian procedural and disclosure requirements, including requirements regarding the open offer timetable and timing of payments, all of which differ from those in the U.S. Any financial information included in any documents relating to the Open Offer has been or will be prepared in accordance with non-U.S. accounting standards (other than the financial information with respect to the Company) that may not be comparable to financial statements of companies in the U.S. or other companies whose financial statements are prepared in accordance with U.S. generally accepted accounting principles. The receipt of cash pursuant to the open offer by a public shareholder of the Target Company may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other tax laws. Each public shareholder of the Target Company is urged to consult their independent professional adviser immediately regarding the tax consequences of accepting the Open Offer. It may be difficult for U.S. holders of equity shares to enforce their rights and any claims they may have arising under the U.S. federal securities laws in connection with the open offer, since the Target Company is incorporated in a country other than the U.S., and some or all of its officers and directors may be residents of countries other than the U.S. U.S. holders of equity shares in the Target Company may not be able to sue the Target Company or its officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel the Target Company or its affiliates to subject themselves to the jurisdiction or judgment of a U.S. court. None of the documents relating to the Open Offer have been filed with or reviewed by the U.S. Securities and Exchange Commission or any U.S. state securities regulators. Neither the U.S. Securities Exchange Commission nor any U.S. state securities regulators has approved or disapproved the Open Offer or passed any comment upon the adequacy or completeness of any documentation relating to the Open Offer have been. Any representation to the contrary is a criminal offence in the U.S. The securities at issue in the Open Offer have been offered in the U.S. only pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933 (the “Securities Act”), and therefore not be offered or sold in the U.S. in the future except pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act. (Source: BUSINESS WIRE)
14 Jan 26. NUBURU, Inc. (NYSE American: BURU), a global pioneer in high-performance blue laser technology, today announced a significant advancement in its strategic partnership with Tekne S.p.A. (“Tekne”), following the execution of (i) a comprehensive industrial and commercial Network Contract (contratto di rete) through NUBURU’s defense subsidiary Nuburu Defense LLC, (ii) a €13m shareholder convertible loan, and (iii) the completion of an initial 2.9% equity investment in Tekne. These agreements represent the full operational and economic activation of the strategic framework previously disclosed in November and December 2025 and are expected to generate revenues for NUBURU beginning in fiscal year 2026, while positioning the Company toward its long-term objective of acquiring a controlling interest in Tekne, subject to applicable regulatory approvals. Collectively, these agreements mark NUBURU’s transition from strategic positioning to revenue-generating execution, establishing a global operating framework designed to deliver program-level defense and dual-use revenues beginning in 2026.
Immediate 2026 Revenue Visibility Through Executed Network Contract
The executed Network Contract establishes a structured, multi-jurisdictional industrial alliance covering the Americas, NATO countries, MENA, APAC, and Italy, and governs the joint execution of ad-hoc defense and dual-use projects with defined economics and revenue-sharing mechanisms. Importantly, the revenue streams generated under the Network Contract are independent of NUBURU’s current equity ownership in Tekne and are instead linked to project execution, financial and operational support, go-to-market activities, and performance-based participation.
The Network Contract already identifies initial projects exceeding €10 m in contracted value, with deliveries and commercial execution scheduled throughout 2026, supporting NUBURU’s transition toward recurring and program-based defense revenues.
2026 Revenue Drivers (Program-Level Overview)
APAC – Bangladesh Program
Support for Tekne’s production and delivery of defense vehicles under an existing international contract. NUBURU participates through management fees, financial-support economics, and margin participation linked to production milestones.
NATO – Ukraine Program
Establishment of an operational and commercial platform for electronic-warfare systems and specialized vehicles, structured under joint-execution and profit-participation models.
MENA – UAE Pilot and Follow-On Programs
Demonstration, commercialization, and potential scale-up of Tekne platforms across the Gulf region, with NUBURU participating through production-linked margins and profit-sharing arrangements.
Americas – United States
Exclusive commercialization and distribution of Tekne products through Nuburu Defense, generating distribution economics and program-level participation.
Italy – Integrated Defense and Dual-Use Solutions
Joint offerings combining Tekne platforms with NUBURU’s UAV, advanced manufacturing, and operational-resilience technologies, possibly including software solutions delivered through Orbit S.r.l.. Management expects these program-level economics to scale over time through repeat orders, follow-on programs, and expanded regional adoption.
Strategic Alignment and Capital-Efficient Equity Participation
In parallel with the execution of the Network Contract, NUBURU has become a direct shareholder of Tekne, acquiring 2.9% of Tekne’s share capital as part of a broader strategic alignment between the two industrial partners. This equity participation was structured through the issuance of a subordinated, interest-free convertible instrument to Tekne’s current majority shareholder, rather than a cash payment, reflecting the industrial and long-term nature of the partnership. The conversion of such instrument, if and when permitted, is based on a fixed conversion price for NUBURU common stock of USD 0.25 per share, which underscores the alignment of interests and confidence in NUBURU’s long-term equity value. Contextually with this equity acquisition, NUBURU also provided €13 m to Tekne in the form of a shareholder convertible loan, as previously disclosed in the Company’s SEC filings, to support Tekne’s industrial development and the execution of defense programs under the strategic alliance. Upon conversion of the shareholder convertible loan, subject to Italian Government Golden Power approvals (“Regulatory Approvals”), NUBURU’s ownership in Tekne would increase to approximately 27.9% (representing the aggregation of the initial 2.9% equity interest and an additional approximately 25% stake). The transaction reflects an agreed equity valuation of Tekne of approximately USD 60 m, implying a consideration of approximately USD 1.74 m for the 2.9% equity interest. Together, the initial equity investment and the shareholder convertible loan establish the foundational ownership and operating framework to pursue a path toward a controlling interest in Tekne, consistent with the strategic objectives originally envisaged by the parties, while remaining subject to Regulatory Approvals and the potential involvement in Tekne of additional strategic and industrial partners. (Source: BUSINESS WIRE)
14 Jan 26. MSI shares could reward patience.
The manufacturer is still keen to sell non-core businesses.
- MD expects ‘tough’ second half
- Discount to peers seems too steep
MS International (MSI) has been attracting a lot more investor attention lately. The 65-year-old engineering business has experienced strong growth through the sale of small-calibre gun turrets used by the US, UK and German navies. It has also developed a system for land-based vehicles to counter drone strikes. Defence work has driven a 14 per cent compound annual revenue growth over the past five years and a big uplift in operating profit. Revenue from this business can be lumpy, though, and a one-year gap in orders from the US Navy means MSI’s short-term prospects don’t look great.
“It’s not going to be a good second half, and that might run into the first half of the following year,” managing director Michael O’Connell said.
Still, a one-year order was placed by the US Navy in the first half of this year, and the company is in talks about a longer, three-year deal. It is also hopeful that commitments made by governments on both sides of the Atlantic to spend more on defence will eventually translate into more orders for land-based systems.
And, although talks to sell non-core businesses have only solicited offers from private equity buyers deemed too cheap, the divisions are still trading well and it is extending its approach to trade buyers in a bid to secure better offers. This short-term earnings uncertainty goes some way to explain why MS International trades at such a big discount to peers – at 16 times trailing earnings, compared with 28 times and 31 times, respectively, for mid-cap defence peers Cohort (CHRT) and Chemring (CHG). For those willing to wait, we think this represents real value. Buy. Last IC view: Hold, 1,220p, 30 Jun 2025. (Source: Investors Chronicle)
13 Jan 26. US shipyard HII expands in UK to service growing Europe UUV business. Huntington Ingalls Industries has doubled the footprint of its site on the south coast of England as the American shipbuilder seeks to service its growing business of unmanned underwater vehicles for the United Kingdom’s Royal Navy and other navies in western and northern Europe. The enlarged HII site in Portchester, England, will now be able to assemble the company’s Remus 620 medium-class modular UUV, and allow the company to increase the pace of training for allied navies, Nick Green, the manager in charge of the facility, said in a Jan. 12 briefing with reporters. Growing technological maturity means navies are now comfortable placing bigger UUV orders of 10 or 15 systems, compared to orders for one or two units in the past, according to Green. European NATO members including the U.K., the Netherlands and Belgium, are replacing traditional crewed minehunter vessels with a range of unmanned vehicles to detect and neutralize sea mines.
“The demand is there, the requirements are there as the technology is improving, the sensors are improving and the capabilities are improving, and ultimately that will see an increase in the market space,” Green said.
The Royal Navy acquired its first two Remus vehicles in 2001 for mine warfare, and now operates a mixed fleet of models in that role, and Green said the new facility will help HII fulfill its maintenance contract for the Royal Navy. The company says its Remus systems are in use with 30 countries, including 14 NATO members. Beyond the U.K., European users include Germany, the Netherlands, Belgium, Norway, Sweden, Lithuania and Estonia. HII continues to see “robust interest” in the area of mine countermeasures, while increased defense budgets and a focus on investing in unmanned systems will drive unit sales more broadly, said Duane Fotheringham, president of the Unmanned Systems group in HII’s Mission Technologies division, in the briefing. While competition has increased in UUVs, “it’s something we’re well prepared for,” according to Fotheringham. He said the open architecture of the Remus drones and their modularity allows software and hardware to be updated, with partners providing the sensors or payloads. “We’ve been building vehicles for a long time, and those vehicles have stood the test of time.” While countering mines is the main use case for U.K. and European clients, the ability for long-range patrol will be relevant for changing seabed-warfare requirements such as protection of critical infrastructure, according to Green. “The payloads that we are developing and putting onto these vehicles at this time allow sort of a future capability coverage,” Green said.
The plan is for some level of U.K. production “where possible,” including on launch and recovery systems for the Remus 620 as well as basic-level assembly of the vehicles themselves, according to Green.
“The intent is to try and put more emphasis onto what we can do within the U.K., as we believe that U.K. content for U.K. contracts is more and more important, and a big part of what we can offer as a mature UUV-USV supplier,” Green said.
The company has been testing torpedo-tube launch and recovery of the Remus 620, and in the U.K. is working with Babcock on that capability, with the British partner’s launch and recovery technology used on the Royal Navy’s submarines. Almost all repair and maintenance work for U.K. customers as well as many European customers is done on Portchester, and the company seeks to avoid moving equipment between the U.S. and Europe, accordinng to Fortheringham. HII has delivered more than 750 UUVs in the Remus family, including a “significant number” across Europe, according to Fotheringham. The company says the two-man portable Remus 100 is its most popular model with more than 400 units sold worldwide. Portchester will also provide a European support base for the planned Romulus family of unmanned surface vehicles, according to Fotheringham. HII has been testing an intelligence, surveillance and reconnaissance version of a Romulus platform as well as a man-portable Romulus in the United States, Fotheringham said. The company is building a 190-feet Romulus that it intends to have on the water and ready for delivery by the end of 2026, according to the executive. The intent is to bring Romulus systems over to this side of the Atlantic to demonstrate them to the Royal Navy and HII’s other European naval customers, according to Green. (Source: Defense News)
14 Jan 26. Chess Dynamics, part of the Cohort plc Group, has reported strong financial year-to-date performance within its Vision4ce brand, reflecting growing demand for real-time video processing and tracking capability across defence applications. Since the start of the financial year in May 2025, Vision4ce new orders have shown sustained momentum, with two recent months each both recording order intakes in excess of £1.6 m. This performance reflects how customers are selecting suppliers for critical tracking and processing functions, placing increased emphasis on reliability, robustness and performance in real-world operating conditions rather than theoretical capability.
Owen Sogeler, Vision4ce Sales Manager said, ‘A lot of systems look good on paper. The real test is how they perform once they leave the site. Chess’ Vision4ce technology has been built around that reality, and customers are responding to technology they can rely on when conditions are complex, cluttered and unpredictable.’
Vision4ce within the Chess portfolio
The Vision4ce brand underpins a wide range of Chess Dynamics systems, providing the real-time video processing and tracking capability at their core. When engineered as part of a fully integrated Chess system, the Vision4ce technology works alongside sensors and stabilisation elements to deliver consistent, high-confidence performance. This performance has been supported by continued demand for Vision4ce technology across the wider Chess portfolio. CHARM modules and Frameworkx software have played a central role in supporting this growth.
CHARM and Frameworkx technology
The CHARM modules provide an edge computing platform that removes the need for customers to develop their own processing hardware, while delivering low latency performance through close integration of hardware and software. This approach supports flexible deployment across different platforms and mission requirements without compromising reliability. The Frameworkx technology extends this capability into software-only deployments, supporting applications where size, weight and power constraints limit the use of additional hardware. In both cases, the emphasis is on delivering proven processing and tracking performance that can be integrated effectively within wider system architectures.
Owen Sogeler, Vision4ce Sales Manager added, ‘The value comes from how these elements are engineered together. Vision4ce technology is not about isolated components. It is about combining processing, software and system integration in a way that delivers dependable performance and can be adapted to different platforms and missions without compromising reliability.’ he strength of software performance has also been supported by the depth and continuity of the company’s engineering teams, the majority of whom have been working in tracking, video processing and electro optical systems for more than a decade. This long-term experience continues to shape product development and customer support.
As the financial year progresses, Chess Dynamics remains focused on building on this momentum, investing in the Vision4ce product line capability and advancing greater levels of automation and autonomy, ensuring it continues to strengthen the performance of Chess’ systems across land, maritime and integrated defence applications.
13 Jan 26. GABLER, a leading provider of submarine technologies, today announced the creation of a dedicated Subsea Drives business unit, consolidating its hydraulic and electric propulsion expertise to strengthen its position as a systems partner to the global submarine industry. Alexander Homrich, who joined GABLER’s management team on 1 January 2026, will lead the new division. He continues in his role as Managing Director of AHE GmbH, the specialist hydraulics engineering company he founded. The strategic collaboration between GABLER and AHE, which began in July 2025, has already achieved significant technological and commercial progress, supporting the decision to establish the new business unit and appoint Homrich. The Subsea Drives division encompasses drive and control systems for uncrewed underwater vehicles (UUVs) and submarines in both hydraulic and electric configurations. The systems deliver exceptional robustness, seawater resistance, and reliability, ensuring safe and efficient operation in the most demanding defence and maritime security applications. With this expansion, GABLER reinforces its reputation as a trusted systems partner for innovative, safe, and high-performance submarine components, alongside its market-leading submarine mast and communications portfolio.
Commenting on his appointment, Alexander Homrich said: “I am pleased to come onboard the GABLER management team and to lead the Subsea Drives business unit. This expansion of our hydraulic and electric drive capabilities represents a significant advancement in our technical offering. I look forward to working with GABLER’s expert engineering team to deliver the innovative, mission-critical solutions our customers in the submarine sector require, whilst contributing to the company’s ambitious growth objectives.”
14 Jan 26. Czech defence group with post Cold War roots looks to go global.
- Summary
- CSG plans IPO on Euronext Amsterdam, could raise over $3bn -sources
- CSG faces challenges from peace deals and competition from larger rivals
- CSG aims for global expansion with strategic partnerships and acquisitions
Czech defence group Czechoslovak Group (CSG) is looking to expand globally, including moves into new areas like jet engines used for drones or missiles, as it prepares for what could be one of Europe’s biggest IPOs this year. CSG’s roots were in retooling Cold War-era military gear. Its manufacturing of ammunition, military trucks, armoured vehicles and rocket launchers has made it one of Europe’s fastest-growing defence firms after tapping into aggressive military spending in the wake of Russia’s invasion of Ukraine.
“When the war in Ukraine started, we were the first to start investing heavily,” CSG’s owner and CEO Michal Strnad told Reuters. “I took the risk and we got going.”
Strnad, 33, took over the business his father Jaroslav started in the 1990s buying Soviet-era military equipment for scrapping. He is now steering CSG towards an IPO as investors funnel billions of dollars towards defence. Sources have told Reuters that a listing on Euronext Amsterdam could raise over $3 bn and that the IPO process could start as early as this week. The company, which sealed a $2.2bn deal for U.S.-based small-calibre ammunition maker Kinetic Group in 2024, is also on the lookout for more acquisitions as it seeks to become more integrated to compete with larger rivals and help control its margins.
“We will definitely be making some acquisitions,” Strnad told Reuters at CSG’s headquarters in Prague, saying the company wants to become “completely, fully vertically integrated” across its range of products.
“I don’t want to be pushed into a corner by suppliers. We don’t want to be hostages, we want to have everything under our own roof, we want to manage it, we want to be responsible for it, and of course we want to keep the margin at home.”
CSG leads the field in terms of revenue growth among global defence firms
STRONG DEMAND, BUT CHALLENGES AHEAD
CSG faces challenges. Any peace deal for Ukraine – the source of a third of CSG’s 2024 revenue – could take away a key driver of growth, while bigger European rivals like Germany’s Rheinmetall (RHMG.DE) often dominate regional defence contracts. Defence is also shifting toward drones and hypersonic missiles.
“If warfare shifts more in that direction, there’s a risk we see a peak in revenues and valuations across the sector not just for CSG,” said Jens-Peter Rieck, aerospace and defence analyst at consultancy mwb research.
Adrien Rabier at Bernstein, however, said that defence demand was “far outstripping supply at the moment” and would remain so in the years ahead.
CSG plans to conclude talks in the next few months to expand cooperation with the U.S. government to produce jet engines as part of the so-called Golden Dome Project aimed at creating an integrated air and missile defence system, Strnad said.
“We definitely want to grow here, and today we want to localise production,” Strnad said, adding the firm was looking at sites in North Carolina and Wisconsin.
CSG for now relies heavily on large-calibre ammunition and military vehicles to drive revenue. Large-calibre ammo made up nearly half of pro-forma revenue of 5.2bn euros in 2024. The 2024 sales revenue marked a nearly nine-fold increase from 2021, the year before the Ukraine invasion, when revenue hit 592 m euros. CSG forecasts revenue of 7.4bn-7.6bn euros this year and boasts an order backlog of 14bn euros.
MAKING CSG ‘TRULY GLOBAL’
Deals have been central to CSG’s rapid growth, with investments including large-calibre ammunition in Spain, a nitrocellulose company in Germany, and a joint venture for ammunition and TNT production in Greece. The group, which employs some 14,000 people, signed a framework deal with Slovakia’s defence ministry in December that it hopes to turn into multi-bn euro pipeline for ammunition supplies to European governments. Strnad said he sees big potential with military customers in the small ammunition segment, with NATO states likely to restock small-calibre ammo due to empty warehouses after an ongoing restock of medium and large-calibre ammunition. CSG has a $630 m contract in the U.S. to build a large-calibre ammo loading facility in Iowa, a $1 bn truck contract with an unnamed Asian customer and a strategic partnership with Franco-German defence group KNDS for the production of hulls for Leopard battle tanks.
“I want CSG to be truly global,” Strnad said. (Source: Reuters)
12 Jan 26. Dassault Aviation invests in Harmattan AI at €1.4bn value. Dassault Aviation, the French maker of the Rafale fighter jet, led a €200m ($234m) funding round by autonomous drone maker Harmattan AI as part of a strategic partnership, valuing the Paris-based startup at €1.4bn and creating France’s first defense unicorn. The partnership will help Harmattan develop embedded artificial intelligence for Dassault Aviation’s future air combat systems, such as the future F5 standard of the Rafale, in particular for control of unmanned aerial systems, the companies said in a joint statement on Monday. The deal comes as France, Germany and Spain are struggling to move forward with plans for a joint Future Combat Air System, with infighting between Dassault Aviation and Airbus about work share and project authority. FCAS is meant to combine a next-generation fighter with unmanned aircraft and drone carriers.
“This is excellent news for our strategic autonomy, for the technological superiority of our armed forces in the field of AI-activated defense drones, as well as for our economy,” French President Emmanuel Macron said in a post on X, calling the partnership between the two companies “essential.”
Macron had planned to meet with German Chancellor Friedrich Merz in December to resolve differences in the FCAS program by the end of 2025, but Paris and Berlin haven’t made any public announcements on the topic since.
“This partnership with Harmattan AI reflects our commitment to integrating high-value autonomy into the next generation of combat air systems,” Dassault Aviation CEO Eric Trappier said in the statement. “We reinforce our ability to deliver the advanced capabilities required by our armed forces in the decades ahead.”
Trappier has said that France, through Dassault Aviation and its partners Safran and Thales, has the technological ability to develop a next-generation fighter aircraft on its own if necessary. The valuation in the latest series B funding “significantly increases” from a previous series A funding, in part due to growing interest from major industrial players, Harmattan said in an emailed response to questions. The startup declined to identify other investors in the latest funding round for now, nor the size of Dassault’s investment. French investment firm Motier Ventures said it renewed its investment in the company, in a LinkedIn post. Harmattan currently has more than 130 employees, with a median experience of 15 years, according to the company, which in the past year hired executives from companies including Safran and Isar Aerospace. Dassault is working on an air-combat drone that will serve as an unmanned wingman for the future F5 standard Rafale, and the partnership with Harmattan will support development of embedded AI for both aircraft, the companies said. The partnership fits in an “overarching strategy” to integrate sovereign AI into Dassault Aviation’s combat systems, according to the statement. Harmattan will use proceeds from the latest funding round to expand deployment of its AI-enabled products and scale industrial manufacturing of its platforms for intelligence, search and reconnaissance, drone interception and electronic warfare, according to the statement. The deal with Dassault “marks a decisive step in the emergence of a new generation of autonomous defense systems,” Harmattan AI CEO and co-founder Mouad M’Ghari said in the statement. “By combining frontier AI with world-class military aviation expertise, we are shaping the future of collaborative air combat.”
Harmattan was founded in April 2024, and is working on what it calls “vertically integrated autonomous systems,” including layered air defenses, coordinated autonomous surveillance and strike drones, electronic-warfare products and command-and-control platforms. The company previously raised $42m in early-stage funding from investors including venture capital firms FirstMark and Atlantic VC, according to Sifted.
The startup in September won an order from the United Kingdom Ministry of Defence to provide as many as 3,000 autonomous drones, following a June order from France’s Armed Forces Ministry for delivery of 1,000 combat drones by the end of 2025. The Harmattan craft supplied to the French forces last year was a quadcopter drone with a weight of 1.8 kilograms and 40 minutes of flight time, equipped with infrared cameras supplied by French firm Lynred. (Source: Defense News)
12 Jan 26. US Investment Manager Charged with Anduril Pre-IPO Fraud. A New York investment manager has been indicted for allegedly defrauding ms of dollars from investors in a sham pre-IPO scheme tied to U.S. drone-maker Anduril Industries, highlighting the risk of fraud as private tech firms grow more prominent and valuable. Giovanni Pennetta, manager of Sestante Capital, was arrested on Sunday at JFK International Airport and later charged with securities fraud, wire fraud and aggravated identity theft, the Department of Justice said. Prosecutors say he falsely promised clients “economic exposure” to non‑public shares in Anduril, raising millions of dollars despite having no access to the company’s stock. An attorney for Pennetta declined to comment. Anduril, which makes drones and military AI software for the Pentagon, and was valued at $30bn in a funding round in June, declined to comment on the case. Spokesperson Jackson Lingane directed Reuters to a memo on the company’s website that stated:
“Any offer to invest in Anduril that does not come from or through Anduril is very likely a scam.”
In an exchange on X this week, Anduril founder Palmer Luckey accused crypto firm AlphaTON of defrauding investors after the firm announced it had made a $30m investment in Anduril. Soon after, AlphaTON said in a press release it had cancelled the investment. AlphaTON and its CEO Brittany Kaiser didn’t respond to a comment request. The Pennetta case and the AlphaTON claims underscore the growing risk of scams targeting investors as private tech firms like OpenAI, SpaceX and Anduril gain prominence but restrict public share distribution. Victims are often approached with glossy presentations, fake documents and promises of exclusive access to private companies. In September 2024, the Securities and Exchange Commission charged three people involved in an alleged scheme to fraudulently offer pre-IPO shares in private companies, generating $120 m from hundreds of investors. In a separate case, three sales executives were arrested in February on charges brought by the Eastern District of New York relating to an alleged pre-IPO fraud scheme. Companies like Anduril and SpaceX are staying private for longer than typical companies, said Daniel Taylor, director of the Wharton Forensic Analytics Lab at the University of Pennsylvania.
“There’s less ability for public scrutiny, corporate transparency, and public surveillance, and that makes fraud and manipulation more rampant in the private space,” Taylor said. (Source: UAS VISION/yahoo!finance)
09 Jan 26. Today, Magnet Defense LLC, a developer of fully autonomous national security maritime platforms for fleet operations and missile defense missions, announces that it has officially entered into a definitive agreement to acquire Advanced Technology Group (ATG), subject to customary closing conditions. This acquisition further enhances Magnet Defense’s autonomy solutions by incorporating ATG’s open-architecture AI solutions into its DefendAI battlespace management suite. These are the brains and backbone behind Magnet Defense’s end-to-end AI-enabled autonomous maritime defense solutions. Agreement to Acquire ATG to Accelerate Integration of AI-Enabled Autonomy Solutions for National Security. ATG delivers end-to-end development and integration of advanced Command and Control and Artificial Intelligence capabilities for air, space, maritime, and surface platforms. With an elite group of mission architects, AI integrators, and software engineers, ATG is solving some of the U.S. Department of War’s most difficult challenges across all domains. ATG’s capabilities will accelerate Magnet Defense’s seamless integration of its platforms into theater and operational battlespace management systems. Magnet Defense intends to begin aligning and integrating ATG’s Autonomy Exchange for Interoperable Modularity (AXIOM) AI-enabled autonomy stack with its own proven autonomy capabilities. AXIOM’s set of proven mission modules will streamline Magnet Defense’s integration into the native command and control systems found in military services, operations centers, and combatant commands across the sea, land, air, space, and cyber domains. ATG’s leadership and employees will continue to support existing customers while contributing to expanded programs across the combined organization.
About Magnet Defense
Magnet Defense is a developer of fully autonomous national security maritime platforms for fleet operations and missile defense missions. We integrate AI-driven software solutions, advanced manufacturing systems, and mission architecture expertise to deliver the most advanced purpose-built USVs for the U.S. and allied militaries. Learn more at www.magnetdefense.com (Source: PR Newswire)
05 Jan 26. L3Harris Consolidates into Three Segments; Creates Dedicated Space & Mission Systems Unit. Effective today, L3Harris Technologies (NYSE: LHX) has officially reorganized its business structure, moving from four segments to three to more closely align with “the future of warfare”. The restructuring follows a multi-year portfolio-shaping process intended to streamline the company into a “Trusted Disruptor” for national security missions.
The new organizational structure is divided into three strategic segments:
- Space & Mission Systems (SMS): Led by Sam Mehta, this segment integrates satellite and payload capabilities—specifically missile warning and defense—with maritime, air special missions, and civil government programs.
- Communications & Spectrum Dominance (CSD): Led by Jon Rambeau, this unit combines all capabilities in resilient communications, tactical radios, and electronic warfare.
- Missile Solutions (MSL): Led by Ken Bedingfield, this segment unites propulsion, hypersonics, and advanced missile technologies.
Concurrent Divestiture of Propulsion Assets
In a simultaneous move to sharpen its focus, L3Harris announced it will sell a 60% controlling stake in its Space Propulsion and Power Systems business (formerly part of Aerojet Rocketdyne) to private equity firm AE Industrial Partners for $845m. AE Industrial plans to restore the historic Rocketdyne name to the business, focusing on the RL10 engine and future nuclear propulsion technologies.
L3Harris will retain a 40% minority stake in the propulsion business but will keep 100% ownership of the RS-25 rocket engine program, which is critical to NASA’s Space Launch System (SLS) for the Artemis missions.
Executive Strategy
“This change thoughtfully organizes common business models, technical capabilities, and investment priorities,” said Christopher Kubasik, Chairman and CEO of L3Harris. “We’re now best poised to deliver the speed, technology, and commerciality required by our most important customer—the warfighter“.
The reorganization follows a series of high-profile wins for the company, including an $843m contract from the Space Development Agency (SDA) to build 18 infrared tracking satellites for the Tranche 3 (T3) Tracking Layer.
Financial Realignment
L3Harris will provide further details regarding the reorganization and the realignment of its 2025 financial results during its Q4 earnings call on January 29, 2026. Ken Bedingfield will continue to serve as the company’s Senior Vice President and Chief Financial Officer in addition to his leadership of the Missile Solutions segment. (Source: Satnews)
07 Jan 26. Intuitive Machines Expands Infrastructure Focus Beyond Lunar Landings. On January 6, Intuitive Machines (NASDAQ: LUNR) was highlighted in market analyses for its strategic pivot toward becoming a primary satellite and communications infrastructure provider for the lunar domain. While the company gained global recognition for its Odysseus lander mission, its long-term business model is increasingly centered on the Near Space Network Services (NSNS) and the establishment of a persistent lunar satellite constellation.
Satellite and Communication Specifications
The company’s growth is anchored by its Lunar Data Network (LDN), a system designed to provide continuous communication, navigation, and timing (PNT) services for lunar assets. Key technical components include:
- Orbital Configuration: A constellation of small satellites in High Earth Orbit (HEO) and Lunar Orbit.
- Service Capability: Providing data relay services for both NASA and commercial lunar landers that lack direct-to-earth communication capabilities.
- Integration: Utilization of the South Pole lunar region as a primary data hub for upcoming Artemis-era missions.
Strategic Infrastructure Growth
By transitioning from a pure-play landing service to a multi-layered infrastructure provider, the company aims to capture recurring revenue from the growing lunar economy. This “Golden Dome” strategy focuses on controlling the essential data links required for any sustained human presence on the Moon. This shift positions Intuitive Machines not just as a transport provider, but as the primary “telecommunications utility” for the lunar surface. This infrastructure focus aims to secure recurring revenue streams that are less dependent on individual landing windows. The strategy leverages the lessons learned from the IM-1 mission in early 2024 and the IM-2 landing in March 2025.
Acquisition Milestones and 2026 Timeline
Intuitive Machines is currently moving to close its $800 m acquisition of Lanteris Space Systems, which is expected to finalize in Q1 2026. This acquisition is intended to integrate advanced deep-space navigation and propulsion technologies into the company’s orbital transfer vehicles. The company’s next major mission, IM-3, is currently targeted for launch in the second half of 2026. This mission will carry a diverse manifest of science and technology payloads to the Reiner Gamma region, while simultaneously acting as a deployment platform for further nodes of the company’s orbital communication network. (Source: Satnews)
06 Jan 26. The Rise of a Virtual Prime: AEI’s Quiet Aerospace Revolution. SatNews Editorial Analysis. While aerospace enthusiasts tracked SpaceX’s Starship campaigns and Blue Origin’s New Glenn debut throughout 2025, a quieter revolution was unfolding in private equity boardrooms. In an industry often skeptical of private equity’s ‘strip-and-flip’ tactics, AE Industrial Partners is attempting something seemingly different. They aren’t just dressing up balance sheets; they are wiring together a machine capable of challenging the primes on their own turf. The final gear in that machine fell into place yesterday with the announcement that AEI will acquire a 60% controlling interest in L3Harris Technologies’ space propulsion business, valuing the unit at $845 m. Look beyond the transaction itself, and you’ll see something far more strategic: the completion of a vertically integrated “Virtual Prime” that can compete with Lockheed Martin and Northrop Grumman without resembling them at all.
The Architecture of Disruption
AE Industrial Partners now controls, through distinct portfolio companies, virtually every capability required to execute major space missions. The scale of this “constellation” is no longer theoretical; it represents nearly $16bn in combined enterprise value and thousands of employees:
- Launch services come from Firefly Aerospace, the crown jewel of the portfolio. Following its IPO on August 7, 2025, Firefly’s market capitalization stabilized at approximately $8.5 bn, with its Alpha rocket serving as a proven, if operationally volatile, lift vehicle. The company’s successful launch campaigns and growing DoD interest have validated AEI’s early bet on the firm, which now boasts over 750 employees.
- Satellite manufacturing flows through York Space Systems, which AEI acquired a majority stake in at a $1.125 bn valuation in late 2022. York has emerged as one of the Space Development Agency’s most successful contractors, capable of producing 750 satellites annually. Their standardized S-CLASS platform enables the rapid production of proliferated LEO satellites—exactly what the Pentagon’s new space architecture demands.
- Orbital infrastructure comes via Sierra Space, a unicorn valued at $5.3 bn as of its last major Series B funding round. With over 1,600 employees, Sierra’s Dream Chaser spaceplane and commercial space station modules position this segment for the emerging market in private orbital facilities, bolstered by major prime contracts from the Space Development Agency.
- Mission-critical components arrive through Redwire, a publicly traded entity now stabilizing its financial footing with approximately $335 m in projected revenue for fiscal year 2025. While correcting from earlier aggressive growth targets, their capabilities remain indispensable, spanning deployable structures, solar arrays, and in-space manufacturing—the unglamorous but essential systems that transform metal and silicon into functioning spacecraft.
- Propulsion technology is the newest pillar. The deal announced today sees AEI paying approximately $507m for control of the business, which includes the legendary Rocketdyne brand and the RL10 engine family. While L3Harris retains the RS-25 program for NASA’s SLS, AEI gains the assets most critical for agile space mobility and nuclear thermal propulsion development.
Map these capabilities against a mission profile, and the strategy sharpens: A York Space satellite, bused with Redwire sensors, launches on a Firefly rocket, uses Rocketdyne propulsion to maneuver, and docks at a Sierra Space hub. In a traditional model, integrating these five systems would require years of sub-contract negotiations. AEI is betting they can do it in months by locking five CEOs in a single room.
Speed as Strategy
The structural advantage becomes clear when compared to traditional aerospace integration. When Lockheed Martin or Northrop Grumman acquire companies, they absorb them into existing corporate hierarchies. IT systems merge. HR policies harmonize. Facilities rationalize. The acquiring company gains control but sacrifices agility.
AEI’s approach preserves portfolio company independence and operational tempo while creating strategic coherence through board representation and coordinated business development. Firefly doesn’t adopt Rocketdyne’s processes. York Space doesn’t lose its startup culture. Each company maintains what made it successful while gaining access to portfolio-wide capabilities. This matters enormously in today’s acquisition environment. The Pentagon’s shift toward proliferated architectures and rapid technology insertion favors nimble actors over bureaucratic giants. The Space Development Agency’s contracts illustrate this perfectly—York Space competed successfully against traditional primes by offering standardized platforms, aggressive timelines, and competitive pricing.
The Rocketdyne Keystone
The acquisition of a controlling stake in L3Harris’s propulsion assets is not merely a purchase; it is a high-stakes salvage operation. Let’s be clear: L3Harris is a sophisticated operator. Their decision to divest Rocketdyne signals that the unit was a drag on margins and culturally resistant to integration. AEI is betting nearly half a bn dollars that they can succeed where a defense giant stalled: revitalizing a heritage manufacturer by stripping away corporate overhead and injecting startup urgency. The structure of the deal reveals a ruthless strategic clarity. By carving out the massive, legacy-bound RS-25 program, the engine of NASA’s SLS, AEI has effectively severed the anchor to the past. They have surgically extracted only the assets with high-growth potential: the RL10 for orbital maneuvering and the nuclear thermal propulsion division essential for the next decade of deep space logistics. But the physics of the deal are easier than the culture. AEI’s task is now one of industrial alchemy: injecting the “move fast” ethos of a startup into a heritage manufacturer defined by “failure is not an option” caution. If they can modernize Rocketdyne without breaking its safety culture, they unlock the holy grail of space mobility. If they fail, they own an expensive museum piece.
The Competitive Calculus
Traditional aerospace primes now face a competitor that doesn’t conform to familiar patterns. AEI’s Virtual Prime can bid on integrated solutions while maintaining cost structures and timelines that legacy companies cannot match. Portfolio companies can pursue opportunities independently or coordinate on larger programs, creating flexibility that monolithic corporations lack. For government acquisition officials, this offers genuine benefits. Competition increases, reducing reliance on entrenched contractors. Innovation accelerates as portfolio companies maintain startup cultures. Risk diversifies across multiple entities rather than concentrating in single programs.
Structural Vulnerabilities
The “Virtual Prime” model carries distinct risks. Coordination costs between independent companies can be substantial. When Lockheed integrates a payload with a launch vehicle, it happens within unified processes and security frameworks. When Firefly integrates Rocketdyne propulsion, it requires coordination across corporate boundaries with separate legal entities and potentially conflicting priorities. Cultural integration presents ongoing challenges. Startup cultures that prize rapid iteration may clash with heritage aerospace approaches emphasizing process discipline. Managing these tensions while preserving each entity’s advantages requires sophisticated leadership.
The Reckoning Ahead
The next five years will determine whether AEI has genuinely reinvented the defense contractor or simply executed well-timed investments. Key indicators include whether portfolio companies can collaborate on major integrated programs and whether government customers embrace the model for high-value national security missions. The challenge for AEI now shifts from deal-making to diplomacy. Can they convince a Firefly engineer to prioritize a Rocketdyne engine over a competitor’s, purely for the sake of the portfolio? The “Virtual Prime” looks perfect on a balance sheet, but physics and corporate culture are harder to align. The ultimate test, however, may not be whether AEI it can play with traditional primes, but whether it can survive its own liquidity event. Unlike Musk or Bezos, AEI answers to Limited Partners on a 5-7 year clock. Will this constellation be sold as a unified whole, or will it be broken up for parts, dissolving the very capability it spent a decade building? (Source: Satnews)
04 Jan 26. SES to receive “billions” from FCC. Just before the holiday ratings agency Moody’s downgraded (to ba2 from ba1) the debt obligations of satellite operator SES. SES issued a robust reminder to investors that it was well-placed to reverse the downgrade and move back to investment grade status. A comprehensive report from analysts at investment bank BNP-Paribas subsequently supported that view. Indeed, the bank gave a share price target for SES of €7.20 (SES shares are currently trading around €5.55) and an “Outperform” overview of SES’s prospects. Moreover, the bank suggested that Europe’s governments are keener than ever about space and space-related developments. “In Europe, we have recently seen the emergence of new projects, and we think that the planned increase in defence spending may benefit the European operators. In the current geopolitical context, the space policy and sovereignty theme in Europe is likely to be a tailwind for European operators Eutelsat and SES. Eutelsat and SES respectively derive c.17 percent (at end June 2025) and 23 percent (pro-forma) of their revenues with Government,” says the bank. But the bonus for SES is the freeing up of more C-band frequencies. SES says it can manage to unburden 180 MHz of mid-band/upper C-band capacity. The FCC wants every scrap of that spectrum, and will initially absorb 100 MHz and to auction that capacity (3.98-4.2 GHz) no later than July 2027. The FCC issued its 276-page Public Notice of Proposed Rulemaking of its auction plans on Dec 18. Comments were due by today, January 5. The bank puts a value of that 100 MHz of more than $1bn. “We think this represents a material optionality for SES. We assume a value of >€1.0bn in our Sum of the Parts for SES’s C-band, representing close to 50 percent of the group’s current market cap,” says BNP. “C-band is a major swing factor in SES’s equity value,” adds the bank. In 2020 the FCC auctioned 280 megahertz in the lower portion of the C-band (3.7-3.98 GHz) for flexible wireless use. “That auction brought enhanced 5G to countless communities, accelerated new builds, and enabled game-changing competitive offerings for in-home broadband,” says the FCC. The 2020 auction saw SES and Intelsat (which SES now owns) receive 91% of the FCC’s payout worth $4.87bn for Intelsat and $3.97bn for SES. Now that SES owns Intelsat it will receive more of the FCC’s compensation although SES is obliged to pay 42.5% of the spectrum sale proceeds to Intelsat’s former shareholders for the sale of the 100 MHz. SES gets 100% of any subsequent auction compensation. Putting a value on the initial 100 MHz of spectrum is tough. BNP-Paribas has outlined a range stretching from $22 m/MHz up to $38.5 m/MHz. The optimists talk of the increase in potential value since the 2020 auction, while pessimists argue that today’s suppliers of spectrum (Starlink, AST SpaceMobile, Amazon LEO and their rivals) has the effect of lowering geostationary values. Those optimists talk about the record cash sums paid over by AT&T and SpaceX for EchoStar’s terrestrial spectrum. At the lower end of the bank’s valuations ($22m/MHz) would bring in some $917 m from the FCC, while the higher end ($38.5m/MHz) would generate $1.6 bn in compensation. As a guide, the bank says that in the 2020 exercise the FCC awarded an “incentive payment” measured at $31.50m per MHz to SES and Intelsat. Then there’s the probability of the remaining 80 MHz being auctioned off in the future, and where SES would keep 100% of the FCC’s compensation. To be deducted from the revenue would be taxes, although the FCC would compensate SES for the actual clearing/filtering costs at head-ends to be incurred. Nevertheless, the bank’s view is that “C-band may represent a significant share of SES equity value”. Either way, this sort of revenue boost would go a long way to paying down SES’s debt obligations, and helping return SES to an investment grade rating to satisfy the agencies. It would also help fund its investment in the important European IRIS2 highly secure mega-constellation. It would also help reward SES long-suffering shareholders. SES, in its response to Moody’s said: “SES remains committed to a stable-to-progressive dividend”. SES will make its end-year 2025 results towards the end of February. (Source: Satnews)
12 Jan 26. Caswell™ Live Fire, the leader in shooting range design, development and service, proudly announces its official spin-off from parent company InVeris™, coinciding with the 100th anniversary of Caswell’s founding. This milestone marks a new chapter in a storied legacy as it embarks on a journey of renewed independence and innovation in the field of live fire technology.
A Century of Excellence
Established in 1926, Caswell has consistently set the global standard for safety, reliability, and technological advancement in live fire systems. Over the past 100 years, Caswell has developed pioneering solutions that support military, law enforcement, and commercial clients worldwide, earning a reputation for excellence and integrity.
New Beginnings: Caswell Live Fire’s Independence
The spin-off from InVeris empowers Caswell Live Fire to focus exclusively on its core strengths and the evolving needs of its customers. As an independent entity, Caswell Live Fire will continue to deliver cutting-edge products, unmatched service, and innovative solutions, while exploring new partnerships and opportunities for growth. The company also plans to relocate its operations to a standalone facility near InVeris’ headquarters in north metro Atlanta, ensuring full alignment across its portfolio of products and solutions.
Leadership
InVeris also announces today the appointment of Shannon Medina as general manager of Caswell Live Fire. Medina brings nearly 30 years of live fire industry experience to this role. She began her Caswell career in 1997 and progressed through the organization working in operations, engineering and program management before Meggitt’s acquisition of the company. With the company’s move to Atlanta she spent two decades leading program management, business development and sales for Meggitt Training Systems and InVeris.
Commitment to Innovation and Customer Success
“This is a defining moment for Caswell,” said Shannon Medina, general manager of Caswell Live Fire by InVeris. “As we celebrate 100 years of pioneering success, our independence allows us to accelerate innovation, deepen our customer relationships, and reaffirm our commitment to excellence in every facet of our business while maintaining the standard set for mission readiness and success our parent company InVeris has set for us.”
“Relaunching Caswell Live Fire by InVeris will unlock focused investment, streamlined execution, and a clearer path to growth for both Caswell Live Fire and fats® Simulation. This structure lets us scale manufacturing, deepen customer support, and accelerate product development, while preserving the innovation, quality and dependability that defines InVeris,” said Clyde Tuggle, chief executive officer of InVeris.
Key InVeris Milestones
1926: Caswell founded
1984: FATS (Firearms Training Systems) founded
2003: Meggitt acquires Caswell
2006: Meggitt acquires FATS
2008: Meggitt Training Systems becomes the world leader in Integrated Live Fire and Simulation Training Technology
2020: Meggitt Training Systems acquired by Pine Island Capital and rebrands it as InVeris
2024: The fats brand of simulation products and solutions celebrates 40 years
2026: InVeris relaunches Caswell Live Fire and celebrates a new century of innovation for its entire continuum of products and solutions
InVeris Mission
InVeris is redefining the future of national security, global defense and public safety. For more than a century, the company has been a pioneer in all facets of the sector – from Caswell’s invention of the world’s first target retrieval system in 1926 to FATS’ introduction of the first interactive firearms training simulator. Today, InVeris is fusing this legacy with transformative technologies such as Artificial Intelligence (AI), Software-as-a-Service (SaaS), and Training-as-a-Service (TaaS).
InVeris’ brands, Caswell™ Live Fire and fats® Simulation, are leading the way into a new era of readiness by not just preparing for tomorrow, but shaping it with platforms designed for confidence, precision, and tactical dominance – ensuring that every mission begins with readiness and ends with success. (Source: BUSINESS WIRE)
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Ultra-high precision, modularity and speed to defeat dynamic targets
OpenWorks is a provider of modular autonomous vision systems that deliver ultra-high performance real-time detection, identification and tracking of highly dynamic aerial threats at long range.
Our specialist capability lies in our dynamic positioners, EO/IR optical units, approach to sensor fusion and common interface that enables the integration of third-party detectors, classifiers, interceptors and effectors. Artificial intelligence modules work seamlessly with primary detectors and C2 to provide comprehensive detection, identification, tracking and slewing-to-cue against complex backgrounds and foregrounds.
OpenWorks is internationally and operationally proven across C-UAS and Air Defence.
Vision Pace
Designed to enhance dynamic multi-threat engagement, Vision Pace offers microradian precision targeting to kinetic defeat chains, marking a step-change for layered air defence. The development is intended to provide capability to expeditionary force protection, GBAD, SHORAD, M-SHORAD across land and naval domains.
Vision Flex
Vision Flex provides the highest performance surveillance, tracking and classification capability available, for use on static, mobile and un-crewed systems. Vision Flex cameras are highly configurable and can be used with built-in twin-AI modules of third Party classifiers and trackers.
Vision Flex is easy to integrate through standard interfaces and has a range of plug-and-play optical modules and upgrades to allow it to be configured easily to suit each mission or site.
Vision Guard
Vision Guard is a highly configurable, autonomous, portable and deployable platform that provides automated alerts with AI detection and classification.
It can be configured with combinations of active and/or passive sensors to suit the mission. Detections and alerts are streamed out to a handheld tablet or other systems via the standard interface, SAPIENT, Asterisk etc.
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