The flagship of the Greek defense industry Theon is one step away from acquiring the French high-tech company HGH, the French financial newspaper Les Echos reports in a publication today, underlining that with this acquisition the Greek company “integrates drone detection technology into its products, at a time when this particular market is experiencing rapid growth.”
More specifically, the French newspaper notes that as a leading force in the Greek defense industry, Theon continues to strengthen its position in France, following its recent announcement regarding the establishment of a joint venture with Safran and the acquisition of manufacturer Merio. The group’s goal is, as stated in the publication, the creation of a European champion in the field of optronics. “We will be able to proceed as soon as the employee representatives express their opinion and the French government grants the required approval,” Theon’s Deputy Chief Executive Officer Philippe Menicquen told the French newspaper.
The publication states that the rapidly growing Greek group identified in HGH a product portfolio “truly complementary” to its own and decided to enter into exclusive negotiations with the American investment group Carlyle, which had acquired the French SME in 2018, employing 130 workers, causing disappointment at the time in circles of the French defense industry. The transaction, under which Theon will acquire the majority of the share capital based on a valuation of 300 million euros, is the largest acquisition in the history of the Greek group, the publication states, noting that HGH develops a rare and highly sought-after technology in this field: it has a thermal camera capable of detecting unmanned aircraft 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, which brings together 15 years of visual material and allows the effective scanning of airspace, the French newspaper notes. This specific product will allow Theon to accelerate its activity in the field of antidrone defense, the French newspaper also notes, pointing out that beyond night vision systems, the Greek group has in recent years also been developing “platform” optronic systems, which can be integrated into vehicles, such as battle tanks, or into warships.
These systems are attracting ever greater interest from the Armed Forces, especially in Europe, as the major European defense funding program SAFE is gradually being implemented, financing, among other things, the procurement of drone countermeasure systems from European manufacturers, the French newspaper reports, emphasizing that with the acquisition of HGH, Theon emerges as the largest investor of Greek interests in France, regardless of sector of activity, 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 only customers of the French, but also their partners,” the group’s Chief Executive Officer Christian Hadjiminas had stated a few weeks ago to "Les Echos".
SOURCE: ANA