05 Apr 19. Elbit Systems Ltd. (NASDAQ:ESLT and TASE: ESLT) (“Elbit Systems”) announced today that its U.S. subsidiary, Elbit Systems of America, LLC (“Elbit Systems of America”), has signed a definitive agreement with Harris Corporation (NYSE: HRS) (“Harris”) for the acquisition of Harris’ Night Vision business (“Harris Night Vision”) for a purchase price of $350m. The transaction is conditioned on completion of Harris’ proposed merger with L3 Technologies, Inc. (NYSE: LLL), as well as customary closing conditions, including receipt of regulatory approvals. Headquartered in Roanoke, Virginia, Harris Night Vision is a premier developer, producer and supplier of night vision technology for the U.S. and allied military and security forces and for the federal homeland security market.
Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, commented: “The market position and technological strength of Harris Night Vision make this acquisition significant to our long-term growth strategy, with a particular focus on the U.S. Elbit Systems of America has a proven track record of providing high performance solutions and support services to the U.S. defense and homeland security markets. We believe that the completion of this acquisition will be beneficial both for Elbit Systems and for Harris Night Vision’s employees and customers.”
BATTLESPACE Comment: This is a smart move by Elbit and it adds to the company’s growing portfolio of EO/IR night vison systems as well as giving the company access to Harris’s advanced soldier system currently under trials by a number of countries. This buy may have been prompted by the DoD who may have seen the consolidation of the Harris/L3 night vison products as a monopoly situation.
04 Apr 19. Harris Corporation and L3 Technologies Stockholders Approve Merger. Harris Corporation (NYSE:HRS) and L3 Technologies, Inc. (NYSE:LLL) announced that, at their respective special meetings of stockholders held today, Harris and L3 stockholders voted to approve all stockholder proposals necessary to complete the merger of equals transaction to create L3 Harris Technologies, Inc., a global defense technology leader that will be focused on developing differentiated and mission critical solutions for customers around the world. The merger is expected to close in mid-calendar year 2019, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.
“I am pleased that our shareholders voted in favor of this strategic combination, which will create a premier global defense technology company,” said William M. Brown, Harris chairman, president and chief executive officer. “Today’s vote clearly supports our view that this merger will unlock additional growth opportunities and generate value for our customers, employees and shareholders.”
“This vote represents a key milestone in our merger process,” added Christopher E. Kubasik, L3’s chairman, chief executive officer and president. “Overall, integration planning is proceeding well as we prepare to capture operational synergies and establish a shared culture of innovation. The increased scale of L3 Harris will allow us to deliver comprehensive mission-critical solutions to our customers, while creating value for all of our stakeholders.”
The final results on the proposals voted on at the special meetings will be set forth in the companies’ separate Form 8-Ks filed with the SEC, which also will be available at l3t.com and harris.com respectively, after certification by each company’s inspector of elections. (Source: BUSINESS WIRE)
04 Apr 19. Cache Creek Industries Acquires Automated Business Power. The Maryland-Based Company Represents Cache Creek’s Second Acquisition in the Defense Electronics Sector. Cache Creek Industries, LLC, a Los Angeles-based private equity firm, today announced that it has partnered with Rockmont Capital Partners, Ltd. to acquire Automated Business Power, Inc., (“ABP”) a leading designer and manufacturer of advanced integrated communications systems, uninterruptible power systems and related equipment for the military and other applications.
Founded in 1987, ABP designs and manufactures advanced, field deployable, integrated power and C4I (Command, Control, Communications, Computers and Intelligence) systems for a broad range of communication equipment used in command post, tactical operations center, shelter, vehicle, aircraft and shipboard applications. ABP sells its products directly to the military as well as to leading defense contractors.
“ABP’s mission critical products are known throughout the industry as being of the highest quality and reliability. The company’s culture of operational excellence has enabled ABP to meet the most demanding needs of its blue-chip customers for decades,” commented Dean Douglas, a Partner at Cache Creek who will serve as the new ABP Chairman. Jake Blumenthal, the Cache Creek Partner who led the transaction added, “The ABP investment represents Cache Creek’s second acquisition in the defense electronics sector in less than a year. The military’s continued focus on procuring high-reliability, mission critical electronic communications solutions should benefit both ABP and our existing portfolio company, Mountain Secure Systems for years to come.”
“ABP looks forward to working with Cache Creek as we embark on our next phase of growth. Cache Creek’s extensive investment experience in our sector strongly complements our existing strategic growth initiatives,” said President Dan Akman, who has led ABP since 2013.
Academy Bank provided the senior debt and Medallion Capital co-invested in the equity and provided the mezzanine financing for the transaction. Calfee, Halter & Griswold LLP acted as legal advisor to Cache Creek Industries. Eureka Capital Markets, LLC acted as exclusive financial advisor to ABP in the transaction and Holzman Horner PLLC acted as legal advisor. (Source: BUSINESS WIRE)
04 Apr 19. Snap-on Acquires Power Hawk Technologies, Inc. . Expands Capabilities in Serving Critical Industries in Military and Emergency Services. Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced that it has acquired Power Hawk Technologies, Inc. (“Power Hawk”) for approximately $8m in cash. Based in Rockaway, New Jersey, Power Hawk designs, manufactures and distributes rescue tools and related equipment for a variety of military, governmental, and fire, rescue and emergency operations. Power Hawk will be part of the company’s Commercial & Industrial Group. The acquisition enhances and expands Snap-on’s capabilities in providing solutions that make work easier for serious professionals who apply their skills in workplaces of consequence, where the costs and penalties of failure are high. (Source: BUSINESS WIRE)
04 Apr 19. Cash out of crashing Babcock. IC Tip: Sell at 510p. In recent years, Babcock (BAB) has looked as though it was the best of a bad bunch, albeit damned by its association with UK public sector outsourcing and the travails of peers such as Carillion and Interserve. Many, including ourselves, viewed the group as unfairly tarnished by the comparison, noting that Babcock carries out a range of high-value services in specialised areas. However, we have come to feel increasingly perturbed by long-term signs of dwindling cash generation.
Babcock’s operations focus on specialised areas with barriers to entry such as marine engineering, fleet management and nuclear decommissioning. These areas compare favourably with the low-margin, cleaning and support services offered by many other UK-listed outsourcers. To underline this, at the end of last year, the group changed its classification on the FTSE from ‘business support services’ to ‘aerospace & defence’.
However, in recent years the group’s ability to wring free cash flow from its activities has been diminishing. Five-year cumulative free cash flow (FCF) (looking at five-year totals help smooth out the lumpy nature of annual cash flows) has pretty much gone nowhere since 2013 while cumulative profit after tax (PAT) has doubled, leading to plummeting cumulative FCF conversion.
Weak long-term cash conversion is a particular concern given the size of the group’s liabilities. Debt spiked back in 2015 following a series of acquisitions. Net debt has been nudging down since and is expected to have been lowered to 1.4 times cash profit for Babcock’s financial year that just finished at the end of March. However, at the same time the company has become more reliant on leases. If these debt-like obligations are factored in using the standard method of valuing lease liabilities at seven times the annual rent bill, net debt plus lease obligations have actually risen over the period from £2.05bn to £2.31bn at the end of 2018. In addition, the group’s pension deficit at the end of March 2018 was reported at £245m.
IC View
Babcock has endured a stream of negative updates in recent months, from restructuring charges to lowered sales guidance which caused a fresh round of downgrades. Some of its challenges are outside its control – for example, the highly critical note released by the mysterious Boatman Capital Research, dismissed by management as “false and malicious”. However, the downward trend in cash conversion coupled with high debt makes us worry, and short positions continue to cover 6.8 per cent of its issued share capital. True, the shares are very cheap compared with their history, but we’ve become increasingly of the view that this is for a reason. Sell.
Last IC View: Sell, 550p, 27 Feb 2019. (Source: Investors Chronicle)
BATTLESPACE Comment: Sources close to BATTLESPACE suggested that Babcock shares could drop to as low as 300p by the end of the year.
04 Apr 19. French finance minister criticises reported pay deal for Airbus boss Enders. French Finance Minister Bruno Le Maire on Thursday criticised a reported bumper pay deal for Tom Enders, the outgoing chief executive of planemaker Airbus.
“We’re talking about excessive amounts here,” Le Maire told BFM TV. Le Monde newspaper earlier reported that Enders could get a golden parachute farewell pay deal worth 36.8m euros (£31m). (Source: Reuters)
02 Apr 19. Airbus CEO’s exit package excessive – French minister. A retirement pot of almost 40m euros (£34m) for outgoing Airbus Chief Executive Officer Tom Enders is excessive and may harm the company’s image, France’s finance minister said in remarks published on Tuesday.
His overall retirement package and future potential share earnings are worth 36.8 m euros, according to company filings and corporate governance firm Proxinvest.
“The figure announced regarding Tom Enders is obviously excessive and could harm the reputation of Airbus,” Finance Minister Bruno le Maire told Les Echos newspaper. “I call on the directors of Airbus to draw the (necessary) conclusions.”
France and Germany own 11 percent each of Europe’s largest aerospace group. The French government faces weekly protests about declining living standards, and pay is a sensitive topic.
An Airbus spokesman referred to published financial data.
According to the company’s 2018 financial notes, Enders is entitled to a pension valued as of Dec. 31, 2018, at 26.3m euros spread over 20 years.
He will also benefit from a non-compete clause worth 3.2m euros, which is valid for at least a year.
According to Proxinvest, Enders will also be entitled to progressive stock and performance bonuses currently valued at 7.3 m euros.
Enders renounced a further one-off departure bonus, a person close to the company said. Enders, 60, has overseen sharp rises in the Airbus share price since becoming CEO in 2012. But he has faced criticism in French media and inside parts of the aerospace group for overseeing sweeping compliance probes that led to dozens of senior departures without specific allegations. Airbus also faces outside investigations led by France and Britain over the use of middlemen. Enders is under investigation over a fighter deal in Austria and denies any wrongdoing. He initially sought to serve a third term from 2019, then agreed to step down as the board sought fresh faces at the top to ease potential settlement talks with French and UK prosecutors, people familiar with the matter said. A British judge has ruled that companies that show a new face have a better chance of winning prosecuting agreements.
German-born Enders is however credited with unifying a company once bitterly divided along national lines, as well as simplifying its governance to weed out political influence and making the once state-influenced firm friendlier to investors. He steps down on April 10 following the annual shareholder meeting, where Frenchman Guillaume Faury will become CEO. (Source: Reuters)
02 Apr 19. TP Group tops expectations with full-year results. The AIM company saw revenue jump 40% in 2018, driven by a mixture of its new acquisitions and organic growth as things started to pick up in the oil and gas market. TP Group PLC (LON:TPG) shares nudged higher on Tuesday after the specialist services and engineering group beat forecasts across the board with its 2018 results. The AIM company makes compressors for oil and gas firms and supplies air purification equipment to submarines, while it also has a technical consultancy services arm. Revenue grew 40% year-on-year in 2018 to £39.0m, ahead of the £27.9m it posted a year ago and better than the £36.4m analysts had pencilled in. A pick-up in the oil and gas industry helped drive revenues 25% higher in TP’s biggest division, Technology & Engineering, while sales in the consultancy arm almost doubled, thanks to the acquisition of Polaris at the end of 2017.
Adjusted operating profit also came in ahead of forecasts, up 85% to £4.0m (2017: £2.1m) as margins climbed 250 basis points to 10.2%.
Including one-off costs, TP broke even for the year, versus a £1.0m operating loss in 2017. The company closed the year with net cash of £22.4m, an increase of £0.5m even accounting for the £3.5m outflow for the Westek acquisition.
A string of significant long-term defence contract wins announced throughout the year helped push the order book up by 16% to £48.3mln (2017: £41.m).
Strong start to 2019
“2018 has been an excellent year for TP Group. We now have a business of significant scale and international reach, which we fully intend to leverage over the coming years,” said chief executive Phil Cartmell.
“As we enter the next phase of our plan and engage more actively with customers and partners overseas, we envisage the group will grow further, extending into new geographies and sectors.”
He added: “We have seen a strong start to 2019 supported by a large order book, which has grown substantially since last year. We continue to invest in the growth of our business [and] remain excited by the global market opportunities.”
‘Valuation looks attractive’
“TP Group is a strong, cash generative business, which continues to successfully execute on its strategy of broadening its customer base, product offering and geographical reach,” said Cenkos in a note to clients.
“As TP Group builds scale, supported by synergistic acquisitions available to it as a result of the company’s large cash balance, we expect this to feed through to enhanced profitability.”
The City broker added: “Considering the positive outlook for the group, we believe the valuation looks attractive at FY19E EV/Adj EBITDA of 5.8x and Adj P/E ex cash of 11.3x. Buy.” TP shares edged 0.2% higher to 6.21p on Tuesday. (Source: proactiveinvestors.co.uk)
01 Apr 19. Thales Completes Acquisition Of Gemalto To Become A Global Leader In Digital Identity And Security. Completed in 15 months, the acquisition of Gemalto by Thales for €4.8bn creates a Group on a new scale and a global leader in digital identity and security employing 80,000 people. The larger Thales will master all the technologies underpinning the critical decision chain for companies, organisations and governments. Incorporating the talent and technologies of Gemalto, Thales will develop secure solutions to address the major challenges faced by our societies, such as unmanned air traffic management, data and network cybersecurity, airport security or financial transaction security.
- Thales (Euronext Paris: HO) has today completed the acquisition of Gemalto (Euronext Amsterdam and Paris: GTO), creating a global leader in digital identity and security.
- With Gemalto, Thales will cover the entire critical decision chain in a digital world, from data generation via sensors, to real-time decision support
This acquisition increases Thales’s revenues to €19bn and self-funded R&D to €1bn a year, with 80,000 employees in 68 countries.
01 Apr 19. Following European Commission approval, Kongsberg Maritime parent company Kongsberg Gruppen (KONGSBERG) has today completed the acquisition of Rolls-Royce Commercial Marine (RRCM). Officially part of Kongsberg Maritime, RRCM will operate under the KONGSBERG brand and the Kongsberg Maritime legal entity. KONGSBERG announced its intention to acquire RRCM, an established and trusted global supplier of maritime technology and engineering products, in July 2018. With the unification of Kongsberg Maritime and RRCM, KONGSBERG is represented in 40 countries, has more than 11,000 employees and an annual turnover of more than NOK 22bn. A fleet of more than 30,000 vessels depends on the organisation’s combined expertise.
“I have looked forward to this day for a long time. Together we are now well positioned in the market and our ambition is to lead the development of the future maritime industry globally in close cooperation with customers and partners. We shall be the ocean space expert. We have spent a long-time planning and preparing, now the work of ensuring a successful integration begins,” says Geir Håøy, CEO of KONGSBERG.
With RRCM, Kongsberg Maritime expands its global presence and customer proximity, empowering more sustainable, safe and secure marine operations for all vessel types through cutting-edge operational technology including automation, navigation and control systems. RRCM’s expertise also strengthens KONGSBERG’s leadership in maritime digitalisation, ship intelligence and enabling technologies for autonomous vessels.
“Our goal is to further develop our track record of innovation and dedication in helping our customers meet the evolving challenges of the maritime industry, be it through cutting-edge autonomy and digital solutions or highly reliable power and propulsion systems,” said Bård Bjørløw, EVP Global Sales and Marketing, Kongsberg Maritime. “As we continue to create new future-proof answers to today’s challenges, we’re confident that the integration possibilities of the next generation of The Full Picture will unlock new efficiencies and contribute to sustainability.”
“I am looking forward to welcoming 3,600 highly skilled new colleagues. Together we will work for a fast and smooth integration of people, cultures, products, solutions and innovative work. Through world-class technology, customer focus, the power to innovate and the willingness to change, we will deliver the results we have promised,” adds Executive Vice President of Kongsberg Maritime, Egil Haugsdal.
01 Apr 19. Aerojet Rocketdyne Deal. Aerojet Rocketdyne has acquired Florida-based 3D Material Technologies, a provider of 3-D printing services to the aerospace, defense, medical and industrial markets, from ARC Group Worldwide. Terms of the deal were not disclosed but Aerojet Rocketdyne says the purchase price and 3DMT’s financials are immaterial to the business. “The addition of 3DMT’s capacity and expertise in metal allow additive manufacturing expands our range of products and services in the space and defense markets,” says Eileen Drake, president and CEO of Aerojet Rocketdyne. She adds that 3-D printing will help lower costs and production timelines. The company says the deal complements its existing capabilities in 3-D printing using metal alloys in its space and defense business. (Source: Defense Daily)
01 Apr 19. SAIC’s 4Q Results. Science Applications International Corp. on March 28 reported its fourth quarter and fiscal year 2019 results, with quarterly sales up 6 percent to $1.2bn and annual sales up 5 percent to $4.7bn. The company swung to a $9m, 20 cents per share, loss in the quarter from a $51m ($1.16 EPS) profit a year ago. For the year, earnings fell 23 percent to $137m ($3.11 EPS). The increase in sales in the quarter was due to the acquisition of Engility as organic revenue fell 2 percent. (Source: Defense Daily) (Source: Defense Daily)
30 Mar 19. Rafael’s profit for FY 2018 was $US133m, orders of $US2.6bn and order backlog of $US 6.7bn. Rafael Advanced Defense systems Ltd. develops and manufactures advanced defense systems for the IDF and the defense establishment in Israel and for many countries around the world, and conducts global partnerships. Rafael is one of Israel’s three largest defense companies, with 7,500 employees and numerous subcontractor and service suppliers, indirectly providing employment for some 20,000 households. In 2018, Rafael recruited some 700 new employees.
In 2018 Rafael continued to develop, manufacture and market its systems and capabilities, providing users with end-to-end solutions for various air, land, naval, space and cyber requirements.
Some of Rafael’s major marketing achievements in 2018 include the US Army decision to equip its Abrams tanks with Rafael’s TROPHY Active Protection systems and its decision to purchase two Iron Dome air defense batteries. This joins various other wins, including the SPIKE 5th generation missile system to Australia and NATO countries, various domestic and international Cyber projects, teaming agreements with international companies, etc.
In addition, in 2018 Rafael continued its investment and professional development of its human capital, while maintaining its investment in R&D (8% of sales) and its significant cooperation with academic institutions, as well as the opening of new R&D facilities throughout the country, mainly dealing with cyber, intelligence, AI and other emerging technologies.
Approximately 45% of Rafael’s sales are intended for export to many countries in Asia, Europe, North America, South America and Australia.
In FY 2018, Rafael retained its S&P ‘A-‘ rating; outlook stable, and a local AAA ranking, the highest for an Israeli company.
President and CEO of Rafael, Major General (ret.) Yoav Har-Even stated: In the past year we have made more breakthroughs both in technological achievements and in marketing performance. Our order backlog enables us to continue to develop, manufacture and grow with additional M&A. In 2018 we saw continued investment in our human capital our R&D. Together they enable Rafael to develop, produce and market its advanced systems and capabilities that address the various needs and operational requirements in air, land, space, and cyber domains. Har-Even added: “The talent, creativity and professionalism, combined with tight company-client cooperation and understanding of the needs, are what enable us to make technological and operational breakthroughs and to carry out our strategy of teaming agreements and M&A’s.” Har-Even thanked the Board of Directors, the managers and the employees for working together and for contributing to the country’s security and to its economy.
Rafael’s Chairman, Dr. Uzi Landau stated that these achievements reflect Rafael’s unique ability to serve as Israel’s high-tech pillar of defense while posting profit and business growth.”Rafael continues to combine its role as a defense company and its service to the security of the State of Israel and to its economy, with its position as a robust, vibrant, business-oriented company, with remarkable achievements. Dr. Landau added that “these achievements are attributable to its 7500 employees who work to realize Rafael’s vision of serving as a main pillar in the security of Israel.” Dr. Landau expressed his appreciation and gratitude to the CEO, to the Board of Executives, to the Board of Directors, and to the employees, for their contribution to the security of the State of Israel and to Rafael’s continuing success in Israel and around the world.
28 Mar 19. ST Engineering Enters Into a Conditional Share Purchase Agreement for 100 Percent Ownership of Newtec. Singapore Technologies Engineering Ltd. (ST Engineering or the Group) has announced that their subsidiary, Singapore Technologies Engineering (Europe) Ltd., has entered into a conditional share purchase agreement to acquire a 100 percent ownership in Newtec Group NV (Newtec) (the “Proposed Acquisition”), an established Belgium-based company in the satellite communications (satcom) industry.
The consideration of €250m (approximately S$383m) (the “Consideration”) on a cash-free and debt-free basis for the Proposed Acquisition, subject to closing adjustments, is payable in cash. SATCOM is a fast-growth industry with an expected CAGR of 8 percent1 over the next 10 years. The surge of LEO constellations will increase bandwidth capacity and reduce operating cost, thereby creating new demand.
New use cases, especially to support Smart City applications such as IoT and connected cars, will drive demand for SATCOM services. Acquisition complementary and synergistic ST Engineering has been growing its SATCOM business through its U.S.-based iDirect and Singapore-based SATCOM product and solution business. The Group’s SATCOM business is an industry leader in the Aeronautical and Maritime segments and has led the industry’s transition to HTS managed services. It is also the technology provider for leading global satellite operators such as Inmarsat, Intelsat and SES.
Newtec is a key technology provider in the satellite broadcast segment with unique ultra-high throughput capabilities and a strong presence in the European SATCOM market and has a proven range of cost-effective consumer satellite terminals and bandwidth efficiency technology. Recently, Newtec was among the first companies to successfully test over-the-air communication via LEO satellites, and those spacecraft are expected to take off with the launch of more than 5,000 satellites in the coming years.
The company is also well placed to leverage the advent of IP-based satellite broadcast, which is critical for real-time content distribution. The proposed acquisition of Newtec will add intellectual property, products and market access.
ST Engineering will continue to invest in Newtec in Belgium to position it to be the Group’s European center for the SATCOM business. The complementary and synergistic effect of this proposed acquisition will enable ST Engineering to meet demand across the full spectrum of the SATCOM market.
With enhanced SATCOM capabilities, ST Engineering can better participate and lead the advancement of the SATCOM industry to enable Smart Cities globally. Capitalizing on an enlarged IP and product portfolio, the Group will be able to:
- Accelerate the deployment of SATCOM-enabled 5G telco network, bringing high bandwidth connectivity to remote regions. This will help bridge the digital divide and enable the development of new applications such as tele-medicine and tele-education.
- Address the growing needs for IoT and M2M connectivity, where millions of devices and telematic sensor points are expected to be connected for surveillance, data gathering and big data analytics.
- Provide end-to-end solutions for the mobility segment, enabling seamless internet connectivity and remote monitoring for the aeronautical, maritime and connected car segments.
Vincent Chong, President & CEO, ST Engineering, said that this proposed acquisition expands the company’s SATCOM business in a meaningful way in an attractive industry that is high-tech and high-growth, driving connectivity advances in a world where 5G and SATCOM converge. It aligns with the firm’s strategy to invest in businesses that help accelerate the company’s growth trajectory, especially in Smart City, to deliver long-term shareholder value.”
Ravinder Singh, President, Electronics sector, ST Engineering, said the company is pleased to be able to acquire Newtec, an established SATCOM player with strong technology foundations. The differentiated, yet complementary, technologies, combined with the company’s track record and established SATCOM experience, will enable the firm to innovate and deliver more value-added, advanced satellite products and capabilities to customers, at a more rapid pace.
Roald Borré, Chairman of Newtec Board of Directors, stated that this coming together of two companies will enable the firm to move forward together, using the company’s deep-rooted passion for innovation to address this rapidly changing world of connectivity. This is an exciting and hugely significant step that simply makes sense for our customers and our staff.
The Consideration was arrived at after negotiations between the parties taking into account, among other factors, Newtec’s current financial performance and future growth prospects. The Consideration translates into a multiple of 14.6 times Newtec’s EBITDA and 2.7 times revenue for the financial year ended September 30, 2018. The businesses, when combined, are expected to produce about S$200m in value creation arising from revenue and cost synergies.
The proposed acquisition is not expected to have any material impact on the earnings per share of ST Engineering for the current financial year but is expected to be earnings accretive from the second year post acquisition. The proposed acquisition is expected to reduce ST Engineering’s audited consolidated net tangible assets by approximately S$0.112 per share from S$0.41 per share to S$0.30 per share, assuming the Proposed Transaction has been effected at the end of FY2018.
Newtec has consolidated net tangible assets (NTA) of €5.1m (approximately S$8m) and consolidated net assets of €28.4m (approximately S$44m) as at 30 September 2018. Subject to regulatory approvals and conditions that include receipt of clearance from the Committee on Foreign Investment in the United States, Foreign Investment Review in France, and anti-trust approvals in Austria, the Proposed Acquisition is expected to complete in 2H2019. (Source: Satnews)
01 Apr 19. Unifly to extend activities in Scandinavia and the Baltics from new subsidiary. Unifly has set up a subsidiary Unifly ApS, in Copenhagen, Denmark, headed by Managing Director Ronni Winkler Østergaard and supported by two new staff members Peter Byrn and Tobias Lundby. The company will extend Unifly’s activities in the Scandinavia and Baltics region. Peter Byrn joins the company as a Project Manager. He has a master’s degree of Geographic Information Technologies from Aalborg University and Royal Technical University of Stockholm. He is specialised in Remote Sensing, Geographic Information Systems (GIS), Location Intelligence and Virtual 3D Modelling.
Tobias Lundby will fulfil the role of Technical Business Analyst. Tobias’ background lies within robot engineering. He has a master’s degree specialized in Unmanned Aerial Systems (UAS). Tobias has acquired in-depth knowledge concerning the manual and autonomous operation of drones, navigation in changing environments, Specific Operations Risk Assessment (SORA), etc. (Source: www.unmannedairspace.info)