VisionWave Holdings, a Nasdaq-listed defense technology company, signed a non-binding letter of intent on November 12 to acquire a 51% stake in Ukrainian unmanned systems developer EUROPOSTACHSERVICE LLC, known as EPSERVICE. The all-cash deal is priced at $7 million, payable in a single installment 90 days after closing, and would hand VisionWave control of a company whose core product lets one large drone carry and direct a swarm of smaller attack drones.
The seller is Metal Machinery Components Trading, a Dubai-based holding company that currently owns the controlling interest in EPSERVICE. No new VisionWave shares, warrants or other equity will change hands as part of the transaction; the company says it plans to fund the purchase from financing it has not yet arranged.
What EPSERVICE actually builds
The target's flagship technology is the Intelligent Control Module for Motherships, or ICMM, an architecture that lets a larger unmanned aircraft carry, launch and coordinate a cluster of smaller first-person-view drones in flight. That kind of mothership-swarm setup has become a priority for militaries trying to overwhelm air defenses cheaply, and Ukraine's drone sector has become a proving ground for the concept under live combat conditions over the past two years.
VisionWave is framing the deal as a way to fold battle-tested engineering directly into its own autonomous systems roadmap rather than build swarm-control software internally. The company already sells unmanned maritime and aerial platforms, and a controlling stake in an active Ukrainian drone developer would give it a direct line to combat feedback that most Western drone makers can only access through partnerships.
A deal with a long list of conditions
The letter of intent is explicitly non-binding on the acquisition itself, with only exclusivity, confidentiality and expense provisions enforceable now. VisionWave and EPSERVICE have 45 days to negotiate a definitive agreement, followed by a further 30 days to close, with an outside deadline of 120 days from the LOI's date.
Closing is contingent on technical due diligence, a live flight demonstration in Ukraine, board approval, sanctions screening and clearance from Ukraine's State Service of Export Control, since EPSERVICE's technology cannot legally leave the country without that authorization. That export restriction matters: even if VisionWave closes the deal, it may not be able to relocate production or fully integrate the technology into non-Ukrainian platforms without separate government sign-off.
The transaction adds VisionWave to a growing list of Western-listed defense companies chasing stakes in Ukraine's drone industry, which has scaled rapidly under wartime demand and is now seen as a source of combat-proven designs that larger, slower defense primes lack. Whether the $7 million price holds will depend on what due diligence and that live demonstration turn up over the next several weeks, according to Manila Times.