AeroVironment, a manufacturer of unmanned aircraft in Simi Valley, has agreed to pay $45.4 million as well as to pay off $9.4 million of Telerob’s debt at closing. There is an additional earn-out option for Telerob’s primary shareholder that could total $7.3 million over the next three years if the company achieves specific milestones.
The deal was announced Tuesday. The acquired company is officially named Telerob Gesellschaft für Fernhantierungstechnik mbH.
AeroVironment Chief Executive Wahid Nawabi said Telerob’s advanced ground robotics compliment AeroVironment’s suite of tactical unmanned aircraft and missile systems and will help expand the services both companies can offer to customers.
“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,” Nawabi said in a statement.
AeroVironment revealed it has already submitted a joint proposal with Telerob to the Air Force for its multi-year Explosive Ordinance Disposal robotic system program. The company said it plans to pursue additional unmanned ground vehicle contracts with the Navy, Marine Corps, Air National Guard and police forces, as well as unmanned aerial systems contracts with the German Federal Ministry of Defense.
The acquisition is scheduled to close in the spring. Telerob will operate as a wholly owned subsidiary of AeroVironment and will retain its staff.