TEL AVIV Feb 6 Israeli defence electronics firm Elbit Systems said its subsidiary in Brazil, AEL Sistemas, and Embraer Defesa e Segurança signed an agreement for the entrance of Avibras Divisao Aerea e Naval as a shareholder in Harpia Sistemas.
Avibras will hold a 9 percent stake in Harpia, resulting in AEL owning 40 percent of Harpia's shares and Embraer Defesa remaining as the major shareholder, with 51 percent, Elbit said on Wednesday.
Financial details were not disclosed.
The agreement, which envisages joint collaboration on unmanned aircraft systems (UAS), establishes that Avibras' Falcao UAS project will be included in Harpia's portfolio.
Falcao is being developed by Avibras for the use of the Brazilian armed forces and is intended to carry out reconnaissance missions, support for firing direction, damages evaluation and land and sea surveillance.
"The entrance of Avibras increases the national participation in Harpia, which now complies with all requirements to be a strategic defence company," said Luiz Carlos Aguiar, president of Embraer Defesa and Harpia chairman.
Elbit, Israel's largest non-government owned defence company, owns 75 percent of AEL while Embraer Defesa, part of Embraer, holds 25 percent.