The financing comes as Theon, led by Greek entrepreneur Christian Hadjiminas, pursues one of its biggest international expansion moves to date. Companies within the Theon group are expected to enter into the €300 million bridge-financing agreement, which will be governed by English law.
Theon International Plc will participate as a borrower, while Theon Sensors AG, Greece-based Theon Sensors SA and Theon International itself are named as initial guarantors. BNP Paribas, Commerzbank and ING Bank are among the financial institutions acting as mandated lead arrangers.
Under the transaction, Theon Sensors is expected to provide an on-demand guarantee in favor of the financing parties, covering the timely and full payment of obligations arising from the €300 million facility, as well as interest, expenses and other amounts due.
The financing is notable for its timing. Theon International has separately announced an exclusivity agreement with Carlyle to acquire SAS Stéropès, the parent company of French defense-technology business HGH Systèmes Infrarouges, at an enterprise value of roughly €300 million.
Founded in France in 1982, HGH designs, develops, assembles and markets electro-optical and infrared systems for defense and civilian applications. The company employs more than 130 people and has a significant focus on research and development, adding capabilities that complement Theon’s broader push into advanced defense and security technologies.
The proposed acquisition would mark another step in Theon’s international expansion at a time when European defense companies are seeking to increase production capacity and broaden their technological capabilities amid rising military spending across the region. The bridge facility gives Theon financial flexibility as it works to complete the French transaction and pursue its wider growth strategy.
