CEE M&A Monitor
Defence · drones and military components Poland Share-for-share contribution — agreement signed 1 Oct 2026

Unimot agrees to contribute drone company PZL Defence to PZL Sędziszów for a 34.2% stake

Fuel distributor UNIMOT S.A. reported that on 1 October 2026 it signed an agreement with PZL Sędziszów S.A. to take up 3,163,541 new shares — 34.2% of PZL Sędziszów's capital and votes — at a total issue price of PLN 49,999,990.12. Unimot pays in kind with 100% of the shares of its subsidiary PZL Defence S.A., whose fair value of PLN 50 million was confirmed by an independent auditor. PZL Sędziszów has an almost 90-year history, holds a licence to manufacture and trade military goods including drones, and currently makes filters for military vehicles and helicopters. PZL Defence works on unmanned aerial systems, dual-use solutions and technology projects for the defence and security sector. The parties plan to rename PZL Sędziszów, after it absorbs PZL Defence, as PZL Defence Holding, to grow it through acquisitions, and eventually to list it — first on NewConnect, later on the WSE main market.

Our take This is a contribution in kind rather than a cash deal: the drone business moves into a licensed military manufacturer, and Unimot gets a minority stake in the enlarged company. By our calculation, PLN 50 million for 34.2% implies a post-transaction value of about PLN 146 million for 100% of PZL Sędziszów. The structure is a common way to combine a technology team with a holder of a defence licence and production base, and then use the vehicle for further acquisitions.
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