Safran in talks to buy French AI startup Preligens for €220 million [Yahoo! Finance]
SAFRAN SA UNSPON/ ADR (SAFRY)
NASDAQ:AMEX Investor Relations:
safran-group.com/finance/investor-relations
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Source: Yahoo! Finance
analyze satellite data for the French and U.S. militaries, for an enterprise value of €220 million, or $236 million. Safran said the potential deal is a “unique opportunity” to add cutting-edge AI to its product offering. The transaction is subject to the usual regulatory approvals, and is expected to close in the third quarter of 2024, the Paris-based company said in a statement on Monday “The proposed acquisition of Preligens will boost the adoption of AI within the group,” Safran CEO Olivier Andriès said in the statement. “It will represent a step-change for our defense and space technology businesses.” The acquisition would ensure French control of a technology that the country's Armed Forces Ministry has identified as crucial in the competition between global powers. The French government owns 11.2% of Safran and 18.1% of voting rights. Other bidders for Preligens included Sweden's Hexagon and the Leonardo-Thales joint venture Telespazio, Les Echos reported in April. The
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