VisionWave Holdings, Inc. (Nasdaq: VWAV) has signed a definitive agreement to acquire a 51% controlling interest in Meteor Aerospace Ltd., a privately held Israeli aerospace and defense company, according to a press release from VisionWave.

Under the terms of the agreement, Meteor Aerospace is valued at a pre-money equity valuation of $40 million. VisionWave will acquire the 51% stake through the issuance of VisionWave common stock with an aggregate value of approximately $20.4 million.

The transaction is subject to several closing conditions, including successful flight validation of Meteor's Impact-700 unmanned aerial platform, as well as completion of legal, financial and technical due diligence. VisionWave noted that the flight validation is a material condition to closing.

Meteor Aerospace was founded by Itzhak Nissan, former President and Chief Executive Officer of Israel Aerospace Industries. The company's portfolio includes tactical and strategic unmanned aerial vehicles, unmanned ground vehicles, unmanned surface vessels, loitering munition systems, electronic warfare and SIGINT technologies, C4ISR systems and sovereign defense architectures. Nissan is expected to remain at Meteor following the close of the transaction as Chief Technology Director.

Upon closing, VisionWave expects to appoint a majority of Meteor's Board of Directors and integrate Meteor's technologies into its defense technology operations.

Douglas Davis, Executive Chairman and Chief Executive Officer of VisionWave, said the proposed transaction "represents a significant strategic milestone in VisionWave's history assuming we are able to close the transaction."

VisionWave cautioned that there is no assurance the transaction will be completed on the described terms or at all.