Canada’s Volatus Aerospace agrees to acquire Lithuanian technology company AISPECO for USD 10.5 million

Canadian aerospace and defence technology company Volatus Aerospace has signed an agreement to acquire 100% of the shares in Lithuanian company AISPECO for a base consideration of USD 10.5 million. NOOR represented Volatus Aerospace as the buyer, providing legal advice throughout the cross-border transaction.

Founded in Vilnius, AISPECO develops and manufactures airborne sensor systems and flight management software for geospatial data collection. Its technologies are used across infrastructure, energy, environmental monitoring and security applications. The acquisition will enable Volatus Aerospace to integrate AISPECO’s technologies into its aviation operations and expand its offering of integrated solutions in international markets.

The transaction is notable not only for its cross-border nature but also for its consideration structure, with part of the purchase price payable in cash and the remainder in Volatus Aerospace shares. The sellers are also entitled to additional contingent consideration, subject to the achievement of agreed financial, commercial and product development milestones.

NOOR advised Volatus Aerospace throughout the transaction process. One of the key legal challenges was reconciling established Canadian and Lithuanian legal practices, which required tailored solutions that went beyond standard market practice.

“Cross-border transactions involve more than navigating the legal requirements of different jurisdictions. It is equally important to understand how transactions are typically structured and risks allocated in each market. In this case, reconciling different legal practices called for flexibility and solutions beyond conventional approaches. Transactions like this also demonstrate how technologies developed in Lithuania are becoming an important part of international companies’ growth strategies,” says Evaldas Petraitis, Partner at NOOR.

Completion of the transaction remains subject to customary closing conditions, including conditional approval from the TSX Venture Exchange.

Team: Partner Evaldas Petraitis, Senior Associate Raimond Seniut, Associate Milda Aušrinė Janušauskaitė, Senior Associate Gabrielė Šapkauskaitė, Counsel Inga Pališkienė.