During the International Defence Industry Exhibition IDEX 2023 held in the United Arab Emirates, an agreement was signed for the acquisition of Estonia’s Milrem Robotics’ majority stake from the UAE’s EDGE PJSC group. The deal marks the largest foreign investment in Estonia’s growing defence industry.

The signing of the Agreement

EDGE Group Chairman, Faisal Al Bannai, said, inter alia, that it will help to share know-how and technology and shall give Milrem Robotics the necessary support to expand its resources for further international growth as part of EDGE, also contributing to the development of the defence industry of Estonia.

Also read: THeMIS | The definition of modularity by Milrem Robotics in DIMDEX 2022 | Photos and VIDEO

Milrem Robotics will continue to be based in the Estonian capital Tallinn, while also operating offices in Finland, Sweden, the Netherlands and the USA, employing around 200 employees as specialist personnel.

Following the deal, EDGE owns a majority stake in Milrem Robotics. Other shareholders are the German Krauss Maffei-Wegmann, the company’s founder and CEO Kuldar Väärsi as well as Estonian private investors, including company employees as minority shareholders.

Kuldar Väärsi, founder and CEO of Milrem Robotics, said that Milrem Robotics has conducted an intensive round of investment aimed at finding ways to support further expansion, and the EDGE group, which includes 20 different technology and defence technology entities across multiple sectors, offered the best opportunity for further international growth.

Type-X RCV: Wingman to mechanized units. Discover more. #BeyondPossibilities pic.twitter.com/UcdQhMC5es

— EDGE (@_edgegroup) February 24, 2023

During IDEX 2023, Edge Group together with Milrem Robotics showcased the THeMIS unmanned vehicle in Combat, Observer and Multiscope Rescue versions, as well as the Type X Robotic Combat Vehicle (RCV).

THeMIS Multiscope Rescue

Also read: IDEX 2023 | EDGE GROUP unveils new achievements of the UAE defence industry – Photos