UAE group acquires majority stake in Estonian defence firm

EDGE Group has acquired a 50% stake in Estonian's Milrem Robotics, a producer of robotics and autonomous systems for military purposes.

Established in 2013, Milrem supplies 16 countries, 8 of which are NATO members, and in 2021 sold a 24.9% stake to Krauss-Maffei Wegmann of Germany.

Terms of the EDGE transaction are undisclosed however Milrem CEO Kuldar Väärsi described Milrem's market value as in the hundreds of millions of euros.

The transaction may be subject to regulatory clearance.