Parrot : MicaSense’s proposed sale to AgEagle Aerial Systems Inc.
27 Gennaio 2021 - 8:39AM
Parrot : MicaSense’s proposed sale to AgEagle Aerial Systems Inc.
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PRESS RELEASEParis (France), January 27, 2021 – 08:00am CET |
MicaSense’s proposed sale to AgEagle
Aerial Systems Inc.
MicaSense, the Parrot Group’s smallest
subsidiary, specialized in sensors for drone-based precision
farming, will be sold to AgEagle Aerial Systems, a data collection,
analytics, aerial imaging services and drone company, for a total
of $23m
Parrot, Europe’s leading micro-drone group,
plans to sell its subsidiary MicaSense to AgEagle Aerial Systems
(NYSE American: UAVS), a Kansas-based drone services and solutions
pioneer. This proposed sale is in line with the management of the
Group’s investment portfolio, with a transaction valued at $23m.
IFRS 5 “Non-current Assets Held for Sale and Discontinued
Operations” would be applied for the Parrot Group’s consolidated
accounts for 2020, to be published in March 2021.
As part of its strategy to acquire technological
components since 2011, Parrot gradually ramped up its interest in
MicaSense from the end of 2014. In accordance with the preliminary
cross-buy and sell provisions concerning the balance of the
capital, Parrot’s interest reached 99% at the end of September
2019, for a total investment of €10.5m. The subsidiary, which has
been fully consolidated since 2014, represented a maximum of 10% of
the Group’s revenues at end-2019; its operations have broken even
since 2018, but this transaction will be slightly accretive for
2020.
This transaction, which could take place over the coming days,
is based on the payment of nearly $15.0m in cash and the equivalent
of $3m of AgEagle Systems shares, listed on NYSE American, during
the first half of 2021, followed by approximately $5m spread
between the start of 2022 and start of 2023 in accordance with the
guarantees given for the sale.
While the Group’s advances in the professional
markets for 3D mapping and inspection, as well as the defense and
security sectors, are being supported by progress with the range of
drones and software offered, the sensors developed by MicaSense are
no longer a priority focus for the Parrot Group. The Group plans to
continue to serve the precision farming market through its various
complete systems, which are compatible with MicaSense products,
such as senseFly’s drones and sensors and Pix4D’s analytics
software (Pix4D Fields).
ABOUT
PARROT
Founded in 1994 by Henri Seydoux, Parrot is
today the leading European group in the fast-growing industry of
drones. Visionary, at the forefront of innovation, Parrot is
positioned across the entire value chain, from equipment to
services and software. Its micro-drones, well known for their high
performance and ease of use, address the needs of professionals as
well as consumers. The Group also has a portfolio of outstanding
companies and interests in commercial drones, covering equipment,
software and services. Its expert capabilities are focused
primarily on three vertical markets: (i) 3D Mapping, Surveying and
Inspection, (ii) Defense and Security and (iii) Agriculture.
The Parrot Group designs and engineers its
products in Europe, mainly in France and Switzerland. It currently
employs over 500 people worldwide and makes the majority of its
sales outside of France. Parrot, headquartered in Paris, has been
listed since 2006 on Euronext Paris (FR0004038263 - PARRO).
Financial information is available on http://corporate.parrot.com.
For more information visit: www.parrot.com and its subsidiaries
www.pix4d.com, www.sensefly.com, www.micasense.com.
CONTACTS
Investors, analysts, financial media Marie Calleux
- T. : +33(0) 1 48 03 60 60parrot@calyptus.net |
Consumer
and tech media Cecilia Hage - T. : +33(0) 1 48 03 60
60 cecilia.hage@parrot.com |
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