AgEagle settles senseFly, MicaSense acquisitions at 50% discount

parrot sensefly sell AgEagle MicaSense

The drone industry, which saw more than 40 mergers and acquisitions in 2021 alone, may do well to take some advice from AgEagle Aerial Systems on both acquisitions and negotiation strategy.

Kansas-based AgEagle, which started out as a commercial agricultural drone company, went on an acquisition conquest last year to become a full-stack drone solutions provider. Spoils included sensor specialist MicaSense and fixed-wing drone maker senseFly. Both came from Europe-based drone group Parrot’s armory. Cash and stock deals were cracked, valued at $23 million each.

Halfway into 2022, a little over $7.35 million still needed to be paid to Parrot. But AgEagle has now informed its investors that it has settled all payment obligations for MicaSense and senseFly acquisitions at a 50% discount.

Commenting on the debt negotiation, Barrett Mooney, chairman and CEO of AgEagle, said:

Thanks to our institutional shareholders who have continued to support our capital raising efforts, and in light of the tightening capital markets, we are very pleased to announce that AgEagle was able to settle more than $7.35 million of debt at a significant and beneficial discount.

Read: This drone by senseFly just made it to Pentagon’s ‘Blue UAS Cleared List’

The company entered into some waiver agreements last month that released AgEagle from 50% of its payment obligations relating to holdback amounts in the acquisitions of MicaSense and senseFly. Upon making cash payments totaling $3,650,601 on July 29, 2022, AgEagle was able to fully satisfy its payment obligations.

Nicole Fernandez-McGovern, chief financial officer and executive VP of operations at AgEagle, is naturally pleased to have satisfied all contractual payment obligations on highly favorable, cash-preserving terms. Fernandez-McGovern says:

We will continue to seek creative and meaningful strategies to further strengthen our balance sheet and create value for our shareholders in the future.

Read: US Mail to deliver to smart drone mailbox in Indiana

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