Greek defense company purchased by Israeli defense giant

ATHENS

A Greek defense company was purchased by a major Israeli defense enterprise, Greek media reported on Tuesday.

Intracom Defense (IDE), a subsidiary of the Intracom Holdings group, signed a deal to sell 90.91% of its shares to Israel Aerospace Industries (IAI) for some €60 million ($65.75 million), said state-run AMNA news agency, adding that the deal is expected to be completed by the second quarter of 2023.

IDE, which specializes in producing missile launchers, missile subsystems, and land and sea tactical communications, will be integrated into IAI's business activities in Greece and Europe, it added.

IAI, owned by the Israeli state, is among the world’s biggest defense and aerospace enterprises.