Ondas in advanced negotiations to acquire Nirusta North for $250 million

Ondas, an Israeli defense company traded on Nasdaq, is in advanced negotiations to acquire Nirusta North, a private defense company, at a valuation of approximately $250 million. The company is majority-owned (70%) by Iridium Hatz North Group, with a minority stake (30%) held by founder Shalom Levy. Iridium acquired control in 2022 at a valuation of 150 million shekels, and is now expected to make a fivefold profit within 4.5 years. Nirusta North specializes in complex metal projects and employs 250 workers.

Ondas, an Israeli defense company traded on Nasdaq, is in advanced negotiations to acquire Nirusta North, a private defense company, at a valuation of approximately $250 million. Nirusta North is majority-owned (70%) by Iridium Hatz North Group, owned by Noam Ginzburg and Uri Galai, former CEO of Sigma investment house, and Udi Lavi, former deputy head of the Mossad. The minority stake (30%) is held by company founder Shalom (Charlie) Levy. Iridium acquired control of the company in 2022 at a valuation of 150 million shekels, and is now expected to make a fivefold profit within 4.5 years. Nirusta North specializes in complex metal projects and advanced technologies, employs 250 workers in the Bar Lev industrial zone, and serves as a subcontractor for Elbit, Israel Aerospace Industries, and Rafael. Ondas, which grew from a small communications company to a valuation of over $4 billion, has made nearly 20 acquisitions since the start of 2025, and has $1.4 billion in its coffers. The chairman is Dedi Barnea, former head of the Mossad, and the CEO is Oshri Lugasi, former chief engineering officer of the IDF.