Theon, the flagship of the Greek defense industry, is one step away from acquiring the French high-tech company HGH, according to a report published today by the French business newspaper Les Echos, noting that with this acquisition, the Greek company “is integrating unmanned aerial vehicle (drone) detection technology into its products at a time when this market is experiencing rapid growth.”
In particular, the French newspaper notes that as a leading player in the Greek defense industry, Theon continues to strengthen its position in France, following its recent announcement of a joint venture with Safran and the acquisition of the manufacturer Merio. The group’s goal, as stated in the article, to create a European leader in the field of optronics. “We will be able to move forward once employee representatives have expressed their opinion and the French government grants the necessary approval,” Theon’s Deputy CEO, Philippe Meniken, told the French newspaper.
The article notes that the rapidly growing Greek group saw HGH as having a product portfolio that was “truly complementary” to its own and decided to enter into exclusive negotiations with the American investment group Carlyle, which had acquired the French small-to-medium-sized enterprise—which employs 130 people—in 2018, a move that had caused disappointment at the time within the French defense industry. The transaction, under which Theon will acquire a majority stake based on a valuation of 300 million euros, marks the largest acquisition in the Greek group’s history, according to the report, which notes that HGH is developing a rare and highly sought-after technology in this specific sector: it has a thermal camera capable of detecting unmanned aerial vehicles at very long distances—up to several kilometers, depending on the size of the target.
Although there are competing solutions on the market, the company’s artificial intelligence software is based on a unique database that compiles 15 years of visual data and enables effective scanning of the airspace, notes a French newspaper. This product will enable Theon to accelerate its activities in the field of anti-drone defense, the French newspaper also notes, pointing out that in addition to night-vision systems, the Greek group has also been developing “platform” optronic systems in recent years, which can be integrated into vehicles such as tanks or warships.
These systems are attracting increasing interest from the armed forces, particularly in Europe, as the major European defense funding program SAFE is gradually being implemented, funding, among other things, the procurement of drone-countermeasure systems from European manufacturers, the French newspaper reports, noting that with the acquisition of HGH, Theon has emerged as the largest investor with Greek interests in France, regardless of sector, with total investments amounting to approximately 600 million euros. “For us, this is the year of France. We are investing significant capital. We Greeks are no longer just customers of the French, but also their partners,” the group’s CEO, Christian Hatziminas, told *Les Echos* a few weeks ago.
SOURCE: APE