ATHENS – Greece’s Intracom Defense (IDE) signed an agreement to sell 90.91 percent of its shares to Israel Aerospace Industries (IAI) that was valued at 60 million euros ($65.72 million) said Greece’s state-run Athens-Macedonia News Agency ANA.

IDE specializes in the production of missile launchers, missile subsystems, land and sea tactical communications, and hybrid generation, among others. The company is active in Greece and other NATO countries and has defense collaborations with leading companies in the United States and Europe.

As a Greek entity, IDE said that it would now be integrated into IAI’s business activities in Greece and Europe, while providing solutions to the challenges faced by the continent’s countries.

“After the current acquisition, the company’s Greek customers will continue to benefit from the company’s independence, as well as a larger and more widely deployed range of services for new markets,” the IAI statement said.

Boaz Levy, CEO of Israel Aerospace Industries said,  “The acquisition of Intracom Defense strength IAI’s business capabilities in Greece, and in Europe as a whole. The acquisition of IDE will strengthen and widen activities in Greece, and among NATO countries, and help in promoting wide range of solutions that the company can provide.”

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Socratis Kokkalis, Chairman of Intracom Holdings, said that, “This deal today reflects the acknowledgment in the excellent capabilities of a special Greek industry – IDE as an internationally recognized company.”

He also added: “IDE success is an outcome of 40 years of investment of both capital and human efforts with perseverance and against all odds. We are proud today to take part enhancing the Greek defense industries and overall relations between Greece and Israel.”