Thirdeye Systems, an Israeli military supplier, says it has sold a 30 per cent stake to Emirati state-owned defence conglomerate EDGE for $10 million, in a rare public investment by an Emirati firm in Israel since the Gaza conflict began 15 months ago, Reuters reports.
EDGE will also put an additional $12m into a new, majority EDGE-owned joint venture with Thirdeye Systems, the Israeli company said a day ago.
A third party, whose identity was not disclosed, will hold six per cent with Thirdeye Systems owning the remaining 43pc of the joint venture.
EDGE’s investment will help Thirdeye Systems expand into new markets, Chief Executive Lior Segal said in a statement.
EDGE President Rodrigo Torres said the deal was of mutual benefit and would accelerate the development of new systems.
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