UAE plans to buy stake in Ukraine's Fire Point company, manufacturer of Flamingo missiles
Photo: Fire Point manufactures Flamingo missiles (Fire Point)
The United Arab Emirates may acquire a stake in the Ukrainian defense company Fire Point, valued at a total of $2.5 billion, according to BBC News Ukraine.
The UAE's sovereign fund-owned defense group EDGE is looking to buy a minority share in the Ukrainian company. Sources told the BBC that the deal involves a 30% stake in Fire Point.
They added that the deal is worth around $760 million. Fire Point has already submitted the necessary documents to the antitrust committee.
Mindich sought a stake in Fire Point
In November, it became known that Tymur Mindich, a businessman involved in a corruption scandal at Energoatom, attempted to acquire half of the shares of Fire Point, which specializes in weapons production, including long-range Flamingo missiles.
Fire Point co-owner and chief designer Denys Shtilerman confirmed that Mindich, together with other parties, offered to become co-owners of the company following successful product tests in March last year.
However, the proposed amount was insufficient, and the company’s management deemed the offer non-competitive.
Shtilerman noted that negotiations with Mindich lasted quite a while, and the businessman showed active interest, but ultimately the company refused, while maintaining business relations. Fire Point’s founders emphasized that they invested $1.5 million of their own funds in developing weapons production.
In early December, it became known that Ukrainian forces received a new batch of Flamingo missiles, with corresponding photos published by the media.
