"Eric Trump is investing in a $1.5bn merger between Israeli drone maker Xtend and Florida-based JFB Construction Holdings, a small construction company, in a deal aimed at taking Xtend public this year, JFB said in a news release on Tuesday. Xtend is an Israeli company whose products have been used by Israel's military in Gaza, including using its drones to map underground tunnels, The Wall Street Journal has reported."
"Xtend touts its drones as low cost per kill, which has appealed to the US Department of Defense. In November, the firm said it had solidified a multimillion-dollar contract with the Pentagon but did not disclose the contract's value. This month, Xtend was among 25 companies selected to participate in the Defense Department's Drone Dominance Program, an acquisition reform effort designed to rapidly field low-cost, attack drones at scale."
Eric Trump is investing in a $1.5bn merger that would combine Israeli drone maker Xtend with Florida-based JFB Construction Holdings and aim to take Xtend public. Xtend has secured multiple Pentagon contracts, including an $8.8m deal in December 2024 and a multimillion-dollar contract announced in November, and was selected for the Defense Department's Drone Dominance Program. Xtend's drones have been used by Israel's military in Gaza, including to map underground tunnels, and are marketed for low cost per kill. JFB develops commercial and residential properties, and the merger also involves investment from related drone firms.
Read at www.aljazeera.com
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