NUBURU has announced that it and NUBURU Defense LLC have submitted the Golden Power notification to the Italian Government in connection with NUBURU’s planned acquisition of a controlling 70% ownership stake in Tekne S.p.A., a NATO-accredited Italian defense electronics and special vehicles company.
The filing formally initiates the Italian Government review process required to complete the transaction, with the Italian Government generally holding a 45-day review period from receipt of a completed notification. Completion of the Tekne transaction remains subject to Golden Power authorization and other closing steps.
The business plan deposited with the notification filing projects Tekne cumulative revenue and value of production of approximately €564.7 million, or approximately $655 million, for the 2026 to 2030 period. At NUBURU’s expected 70% ownership, this would represent approximately $459 million on a pro rata economic ownership basis, subject to regulatory authorization and Tekne’s achievement of the plan. The plan projects Tekne’s annual revenue growing from approximately €49.6 million in 2026 to approximately €198.8 million in 2030, driven by existing customer backlog, new order intake, defense electronics, and international defense expansion. Tekne’s workforce is projected to increase to approximately 536 full-time employees by 2030, with production expansion in Abruzzo and Emilia-Romagna.
The transaction structure establishes aggregate potential consideration and investment commitments of up to approximately €64.6 million, including conversion of approximately €17.692 million of shareholder financing into equity, a cash contribution of up to €12 million as part of a €29.692 million capital increase, a €5.2 million purchase of additional shares from existing shareholders, and a revenue-based earn-out equal to 5% of annual revenues from 2027 through 2036, capped at €29.692 million. Denver-based NUBURU describes itself as a next-generation dual-use Defense and Security integrated platform company focused on non-kinetic effects and directed-energy technologies, electronic warfare, software-orchestrated defense systems, and advanced manufacturing.
KEY QUOTES:
“The filing of the Golden Power notification is a critical milestone in our path to majority ownership control of Tekne. We have moved from signing the definitive SPA to formally initiating the Italian Government review process, supported by a detailed industrial and strategic plan that is designed to preserve and expand Tekne’s Italian footprint, protect strategic technologies and accelerate the expansion of NUBURU’s next-generation Defense & Security platform.”
Alessandro Zamboni, Executive Chairman and Co-CEO, NUBURU
“The business plan submitted as part of the filing of the Golden Power notification highlights the scale of the opportunity we see in Tekne. The plan projects approximately $655 million of cumulative 2026-2030 revenue and value of production, representing approximately $459 million on a 70% pro rata economic ownership basis, while supporting employment growth, technical capability development and the expansion of strategic defense capabilities in Italy.”
Dario Barisoni, Co-CEO, NUBURU and CEO, NUBURU Defense LLC
