Ukraine rejects EDGE bid for Fire Point stake

Ukraine’s anti-monopoly committee said it has returned an application tied to a proposed $760 million purchase by UAE-based defense conglomerate EDGE Group of a stake in Ukrainian drone and missile manufacturer Fire Point. Officials said the application was not accepted for review because it did not meet required criteria.

The committee said it received the filing on December 30. It added that it did not specify which rules the submission failed to satisfy, and it did not state when the application was returned. Officials also confirmed that no new application from Fire Point had been received.

The proposed transaction involved EDGE Group acquiring a 30% stake in Fire Point. Based on the terms described, that stake purchase would value Fire Point at approximately $2.5 billion.

Fire Point is described as a key supplier supporting Ukraine’s defense effort, providing long-range drones and Flamingo cruise missiles. The company was established after Russia’s 2022 invasion and has become a significant part of Ukraine’s defense industry, producing a majority of the long-range drones used in attacks against Russia, according to the information provided.

Fire Point co-founder Denys Shtilierman had previously indicated that the anti-trust committee had until October to decide on the acquisition. The committee’s latest statement focused on the application being returned rather than reviewed, and it did not provide additional detail on the procedural issues cited.

Neither Fire Point nor EDGE Group commented on the returned application, according to the information provided. The absence of public responses leaves open questions about whether the parties plan to resubmit the filing, adjust the proposed structure, or pursue an alternative approach.