Israel Acquisitions Corp. Set to Merge with Gadfin: A $200 Million Drone Deal
Deal News | Jan 28, 2025 | EIN
Israel Acquisitions Corp., an Israeli SPAC listed on Nasdaq (ISRL), has identified a new merger target in Gadfin, a company specializing in hydrogen-fueled drone delivery technology. The SPAC, led by Izhar Shay, a former science and technology minister, and Ziv Elul, announced the merger valued at up to $200 million. The deal, pending approval, is expected to conclude in the latter half of 2025. This marks a significant pivot for Israel Acquisitions Corp., following an aborted merger with Pomvom valued at $125 million. Gadfin, based in Israel and co-founded by Eyal Regev in 2018, has acquired $7 million in funding and is noted for its involvement in a pilot program for drone delivery of medical supplies. Regev anticipates growth opportunities for Gadfin in international markets, primarily in the drone logistics sector.
Sectors
- Aerospace & Defense
- Mergers & Acquisitions
- Venture Capital
- Healthcare
Geography
- Israel – Both Israel Acquisitions Corp. and Gadfin are Israeli companies, and the merger activities are primarily based in Israel.
- United States – Israel Acquisitions Corp. is listed on Nasdaq, and the article references potential growth opportunities in the US market.
Industry
- Aerospace & Defense – Gadfin is a developer of drone technology, specifically focusing on hydrogen-fueled drones, which falls under aerospace technology.
- Mergers & Acquisitions – The article discusses a merger between Israel Acquisitions Corp and Gadfin, key activity in the M&A sector.
- Venture Capital – The article notes Gadfin's past venture capital funding from SIBF VC and Gehr Group.
- Healthcare – Gadfin is involved in a healthcare-related pilot program for the delivery of medical supplies using drones.
Financials
- 200,000,000 – The valuation of Gadfin for the purposes of the merger with Israel Acquisitions Corp.
- 143,000,000 – The amount raised by Israel Acquisitions Corp. when it was floated two years ago.
- 7,000,000 – Funding raised by Gadfin from SIBF VC and Gehr Group.
- 5,000,000 – The value of the pilot program Gadfin is involved in for delivering drugs and medical equipment.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Israel Acquisitions Corp. | Bidding Company | SPAC (Special Purpose Acquisition Company) | An Israeli SPAC listed on Nasdaq, led by Izhar Shay and Ziv Elul, specializing in acquisition targets in Israel. |
| Gadfin | Target Company | Company | An Israeli company developing hydrogen-fueled drone technology for delivery purposes. |
| Pomvom | Former Target Company | Company | A digital platform company previously considered for a merger with Israel Acquisitions Corp. |
| Tiberius Capital Markets | Financial Advisor | Company | Acting as the financial advisor for Israel Acquisitions Corp. in the merger deal with Gadfin. |
| Reed Smith LLP | Legal Advisor | Company | Legal advisors to Israel Acquisitions Corp. |
| Stuarts Humpries | Legal Advisor | Company | Legal advisors to Israel Acquisitions Corp. |
| Herzog, Fox, and Neeman | Legal Advisor | Company | Legal advisors to Gadfin. |
| Izhar Shay | Chairperson | Person | Chairperson of Israel Acquisitions Corp. and former Israeli Minister of Science and Technology. |
| Ziv Elul | CEO | Person | CEO of Israel Acquisitions Corp., formerly led ad-tech company Fyber. |
| Eyal Regev | Co-founder and CEO | Person | Co-founder and CEO of Gadfin, involved in developing drone delivery technology. |