ISTANBUL (Turkey), July 9 (SeeNews) – Turkish defence co Aselsan [BIST:ASELS] said on Wednesday that it has received a green light by the Turkish Armed Forces Foundation, which ic its parent, to merge by way of acquisition and accelerated merger with its subsidiary Mikes.
Aselsan made the announcement in a filing with Borsa Istanbul.
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Defence electronics and electronic warfare firm Mikes is 96.365%-owned by Aselsan.
"Since our Company’s all operations regarding radar, electronic warfare and intelligence systems will be gathered in Gölbaşı facility, which will be completed in 2014, and since the current fields of activity of MİKES, which are mostly in radar, electronic warfare and intelligence are similar and complementary; merger by the way of acquisition is expected to significantly increase synergy and efficiency", Aselsan said in a statement on May 9.