Unmanned aircraft system developer and manufacturer AeroVironment [AVAV] on Tuesday said it has agreed to acquire Germany’s Telerob for $45.4 million in cash, a deal that gives it products and customers in the market for unmanned ground vehicles (UGVs).
In addition to the acquisition price, California-based AeroVironment said it will pay off about $9.4 million in Telerob’s debt at closing and pay up to another $7.3 million over three years based on certain milestones being achieved.
Telerob has customers in 45 nations and its suite of all-terrain UGVs are used for explosive ordnance disposal, hazardous materials handling and CBRN threat assessment and are used for homeland security, emergency response and defense applications. In addition to the UGV platforms, the company has capabilities in precision manipulators, autonomous functionality and intuitive operation. The company has an office in Erie, Pa.
“Acquiring Telerob marks a significant step toward achieving AeroVironment’s goal of offering an integrated portfolio of intelligent, multi-domain robotic solutions in response to evolving threat environments and customer requirements for more effective, rapid and cost-effective capabilities,” Wahid Nawabi, president and CEO of AeroVironment, said in a statement. “Telerob’s advanced, proven ground robotic solutions provide a valuable capability to complement our market leading tactical UAS and tactical missile solutions and address a broader set of missions for our customers.”
AeroVironment’s products include hand-launched UAS for various missions including missile strike. The company has customers in the Defense Department and in 50 countries.
AeroVironment also said it has submitted a bid with Telerob for the U.S. Air Force EOD robotic system program and plans to pursue additional UGV opportunities with the Navy, Marine Corps, Air National Guard, police forces and with international customers.
The deal for Telerob is expected to close by spring 2021 subject to approval by German regulators.
AeroVironment expects the acquisition to be accretive to earnings in two years. Telerob will operate as a subsidiary and retain its management team.
AeroVironment’s financial adviser on the deal is BNP Paribas Securities.