2 minute read | June.23.2026
HGH Infrared Systems (HGH), a French electro-optics and infrared technology company, is being acquired by THEON International Plc, a Greek-Cypriot group listed on Euronext Amsterdam and specializing in night vision and thermal imaging systems for armed forces and special forces.
Orrick has advised HGH’s reference minority shareholder on the sale of its stake in HGH alongside Carlyle, HGH’s majority shareholder since 2018.
Founded in France in 1982, HGH designs, develops, assembles and markets electro-optical and infrared solutions for defense and civil applications.
The transaction reflects continued strategic interest in advanced defense technologies, including night vision, thermal imaging and infrared systems serving military, special forces and civil markets. THEON International entered into an exclusivity agreement with HGH’s principal shareholders to acquire HGH and bring together complementary capabilities in mission-critical imaging technologies.
The Orrick team is led by Vianney Toulouse and includes Léa Boutin.