Ukrainian defense company Fire Point, a manufacturer of long-range drones and Flamingo cruise missiles, plans to acquire the business of its former top executive Iryna Terekh. The preliminary value of the deal was estimated at $26 million, but after the approval deadlines expired, the parties are revising the price and preparing to resubmit the application to the Antimonopoly Committee of Ukraine (AMCU). This was disclosed by Fire Point co-owner and chief designer Denys Shtilerman during a meeting of a temporary parliamentary investigative commission on May 13.
According to Shtilerman, in 2024 Iryna Terekh left Fire Point because of differences in views within the company’s management. After that, she continued cooperating with Fire Point through her own entity, focusing in particular on international negotiations and research in the field of weapons development. Later, Fire Point’s management concluded that the R&D financing model proposed by Terekh had proved effective, and in 2025 the company decided to buy out her business.
The company’s name has not been officially disclosed, but it is likely to be Falcon Technology LLC, registered in 2023, of which Iryna Terekh is the sole owner and director. According to YouControl, the company’s revenue in 2025 amounted to UAH 180.8 million. The business develops R&D products for Fire Point, and the terms of the potential deal provide for Terekh’s return, together with her team, to Fire Point.
Shtilerman said Fire Point did not receive a response from the AMCU regarding the initial application, as a result of which the deal was annulled after the approval deadlines expired. After revising the asset valuation, the company intends to resubmit the documents for clearance.
Fire Point is one of the most dynamic players in Ukraine’s defense sector. Since its founding in 2022, the company’s workforce has grown from 18 to 3,500 employees. Its core product is the FP-1 long-range unmanned system, capable of striking targets deep inside Russian territory. In addition, the company is developing the Flamingo cruise missile, as well as the experimental FP-7 and FP-9 ballistic missiles.
Fire Point gained broad public attention in the summer of 2025 after Associated Press published a photograph of the Flamingo missile. Later, President Volodymyr Zelensky described the system as “the most successful” among Ukrainian weapons developments.
At the same time, the company has also been at the center of public controversy. In August 2025, the Kyiv Independent, citing sources, reported that NABU was reviewing possible price inflation in Fire Point’s state contracts. Denys Shtilerman later said the investigation was not directed against the company itself, but concerned certain officials.
After the publication of the so-called “NABU tapes,” media reports speculated about a possible link between Fire Point and businessman Tymur Mindich. Shtilerman denied those claims, stating that Mindich had only considered acquiring a 50% stake in the company, but the parties were unable to agree on the valuation. Mindich himself also publicly denied any connection to Fire Point.
