According to confidential sources familiar with the terms of the deal cited by BBC News Ukraine, the company has been valued at approximately $2.5 billion, with the agreement centered on the sale of a 30% equity stake.
The potential buyer is EDGE Group, a defense conglomerate owned by a UAE sovereign fund. Under the deal, EDGE is expected to acquire a minority stake in Fire Point for about $760 million. The company has already submitted the required documents to Ukraine’s Antimonopoly Committee, indicating the start of the formal approval process. Sources say that businessman Tymur Mindich had previously expressed interest in acquiring a stake in Fire Point, but the company’s owners declined that proposal.
Fire Point was founded in 2022 by Denys Shtilerman and Yehor Skalyha; Iryna Terekh later joined the co-founding team. The company specializes in the development and production of FP-1 and FP-2 strike drones, as well as the Flamingo missile system. Looking ahead, Fire Point is also working on the development of a Ukrainian ballistic missile.
In recent months, the company has repeatedly been at the center of public controversies, and the National Anti-Corruption Bureau of Ukraine has confirmed it is investigating certain aspects of its operations. Despite this, Fire Point remains one of the major contractors executing state defense orders in Ukraine.
EDGE Group was established in 2017 and is headquartered in Abu Dhabi. The holding brings together more than 35 companies and operates across weapons systems, missiles, unmanned technologies, space and cyber solutions, as well as homeland security and commercial defense projects.
According to Fire Point’s developers, the FP-1 drone can deliver up to 60 kg of payload over a distance of up to 1,400 km, while the FP-2 carries a warhead of up to 100 kg with a range of up to 200 km. The Flamingo missile, the company claims, can travel up to 3,000 km and carry up to one tonne of explosives, potentially posing a significant challenge to Russia’s military industry not only in the European part of the country but also in more remote regions.
According to data from the General Staff of the Armed Forces of Ukraine, more than half of strikes against military targets deep inside Russian territory are carried out using FP-1 drones. Military experts describe this model as a successful and effective strike system, while FP-2 is still undergoing refinement to reach a comparable level of effectiveness, and Flamingo is currently considered an experimental development.
