Ondas Inc. has reached a definitive agreement to acquire U.S. defense prime contractor Mistral Inc. in an all-stock merger valued at approximately $175 million, a move intended to accelerate Ondas’ expansion across U.S. Department of Defense unmanned and autonomous programs.
Announced March 9, the deal would fold Mistral into a subsidiary of Ondas while allowing the Bethesda, Maryland–based contractor to retain its existing contract administration responsibilities. In return, Ondas gains direct prime-contractor access to U.S. Army and U.S. Special Operations Command contract vehicles, along with U.S.-based manufacturing, assembly, integration and quality-assurance infrastructure that is already aligned with defense sourcing requirements.
Mistral serves as a prime on more than $1 billion in IDIQ and other U.S. DoD contracts tied to weapon systems, unmanned aircraft systems, drones and mission-equipment integration, and also supplies public protection systems to state and local governments and the homeland security market.
Strategic push into defense autonomy and C-UAS
Ondas positions the merger as a way to move from standalone deployments into structured participation in multi-year defense contract vehicles and program-of-record opportunities. Its Ondas Autonomous Systems (OAS) business develops autonomous aerial and ground platforms, including counter-drone, robotic and ISR systems, while Ondas Networks focuses on private wireless. Combining those offerings with Mistral’s prime-contractor status and program-execution footprint is intended to support integrated autonomous air-and-ground mission solutions for defense, homeland security and public-safety customers.
Closing is targeted for the second quarter of 2026, pending Mistral stockholder approval, required government clearances and the absence of any material adverse change.
Ondas executives framed the transaction as a key step in building a U.S. defense-focused platform that combines autonomous systems, C-UAS and ISR technologies with the contracting and manufacturing infrastructure needed to compete for and execute large, multi-year government programs.
