UAE to acquire 30% stake in Flamingo missile manufacturer — BBC
Ukrainian company Fire Point, which produces long-range drones and Flamingo cruise missiles, plans to sell 30% of its shares to the United Arab Emirates, BBC News Ukraine reported, citing sources in the company familiar with the deal details.
According to sources, the minority stake in Fire Point will be acquired by defense group EDGE, owned by the UAE's sovereign fund. The deal is said to be worth about $760 million.
Sources said the Ukrainian company has already submitted the necessary documents to the antitrust committee.
More about Fire Point
The company has no official website, so journalists draw all information from other open sources and media.
Wikipedia notes that the company was founded in 2022 by a group of engineers, architects and game designers. Current owners are chief designer Denys Shtilerman, who holds over 97% of shares, and Yehor Skalyha.
At the same time, The New York Times reported that Fire Point was previously an ordinary casting agency that provided services, including for films featuring Volodymyr Zelenskyy when he was still an actor.
In addition, Kyiv Independent reported that in summer the National Anti-Corruption Bureau examined possible involvement of businessman Timur Mindich as the company's likely ultimate beneficiary. NABU later said it was not investigating Fire Point.
Shtilerman said Mindich did seek 50% of the company but offered "too little" money, and the company realized "his proposal was not competitive at all."
Associated Press wrote that amid rumors of Mindich's involvement in Fire Point, former U.S. Secretary of State Mike Pompeo joined the company's supervisory board.
Fire Point is currently building a new plant in Denmark. The company also aims to expand its cruise missile production and plans to double its capacity.
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