M&A
confidence high
sentiment neutral
materiality 0.75
T3 Defense Inc. (DFNS): M&A transaction — Nukkleus closes acquisition of Tiltan Software Engineering for approx. $14M
T3 Defense Inc.
- Acquired all Tiltan shares for NIS 47.6M (~$14M); 75% cash (NIS 35.7M) and 25% stock (NIS 11.9M, 2M shares escrowed).
- Deferred cash portion of NIS 29.75M (~$8.75M) evidenced by secured promissory note, payable in five installments through June 29, 2026.
- Tiltan 2024 revenues $2.96M, net income $822K (down from 2023: $4.40M revenue, $1.97M net income); paid $4.76M dividend in 2024.
- Non-competition and non-solicitation covenants from seller through June 2027; pledge on Tiltan shares as security.
- Pre-closing dividend of NIS 3.24M payable by Nukkleus from select customer payments during 2026.