Legendary American gun brand Colt acquired by Czech manufacturer

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Czech arms manufacturer Ceska Zbrojovka (CZG) announced on Thursday that it is acquiring legendary American arms maker Colt, including its Canadian unit.

“CZG acquires a 100% stake in Colt for $ 220 million (180 million euros) in cash and the issuance of 1,098,620 CZG ordinary shares,” the Czech company said in a statement.

“We are proud to include Colt, who has been with the US military for over 175 years, in our portfolio,” said Lubomir Kovarik, Chairman of the Board of Directors of CZG.

Colt boss Dennis Veilleux called the transaction “a powerful alliance for the two brands and for [les] clients”.

CZG, which employs some 1,650 people in the Czech Republic, the United States and Germany, manufactures weapons for the police and the military, but also sports and hunting weapons under the CZ brand.

Founded by legendary inventor and manufacturer Samuel Colt in 1836, Colt equips the armies of the United States, Canada and many other countries. The firm also produces sporting and hunting weapons.