Ukrainian combat robot maker Ratel sells for up to $224M

Swarmer has agreed to acquire 100 percent of Ukrainian ground-robotics company Ratel in a transaction valued at up to $224 million in cash and stock. Much of the potential consideration is contingent on Ratel meeting revenue and profit targets through 2028, and the parties expect the deal to close in the fourth quarter of 2026 subject to customary conditions. The acquisition would combine combat-tested robotic platforms with a broader autonomy business and provide capital for expansion, but the headline value is a maximum, not guaranteed cash paid at closing.