Trump family's defense investments grow with new drone deal

Source: msn/Bloomberg

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(Bloomberg) -- President Donald Trump’s eldest sons are investing in a new drone company, expanding their defense portfolio at a moment when the Pentagon is ramping up its own spending on unmanned aircraft systems.

Powerus, a West Palm Beach, Florida-based business, said Monday that it will go public in a deal backed by Donald Trump Jr. and Eric Trump. The company plans to combine with a Nasdaq-listed golf course operator, Aureus Greenway Holdings Inc., according to a statement. Shares of Aureus Greenway jumped as much as 24% in New York on Monday, and were up 12% to $5.47 at 11:23 a.m.

The boutique investment bank Dominari Holdings Inc., which has worked on other Trump family transactions in drones and cryptocurrencies, advised. The Korea Climate & Governance Improvement Fund invested $50 million in the deal, which was reported earlier by the Wall Street Journal.

Brett Velicovich, co-founder of Powerus, said in an interview that going public would help the company pursue new acquisitions and expand on the businesses it owns: Kaizen Aerospace, Tandem Defense and Agile Autonomy.

Read more: https://www.msn.com/en-us/money/technology/trump-family-s-defense-investments-grow-with-new-drone-deal/ar-AA1XPMkW