The owners of the NSO Group, which hit the headlines this year for creating and selling Pegasus spyware to governments worldwide, are reportedly looking to shut down its scandal-ridden department and sell the entire company.
On Monday, Bloomberg reported that the NSO Group’s owners were in talks about refinancing and potential outright sale of the business, which is in danger of defaulting on its debts, citing sources familiar with the matter.
Prospective buyers include two American funds that have discussed closing the Pegasus unit to take control of the company. One source said that $200 million in fresh capital could be used to turn the tech behind Pegasus into defensive cybersecurity services. It is also reported that an American buyer could look to develop its drone offerings.
Bloomberg was also told that the Israeli firm was considering shutting down its highly controversial Pegasus unit, which accounts for half of its income.
Pegasus software came to light earlier this year following an investigation led by Forbidden Stories, a Paris-based media nonprofit, collaborating with Amnesty International and 17 media organizations.
As many as 50,000 phones had been illegally accessed using Israeli malware. Azerbaijan, Bahrain, Hungary, India, Saudi Arabia, and the UAE were among the 11 potential clients identified.
NSO was added to the US government blacklist in October, worsening its financial issues. The firm needs to repay some $450 million in debt. Last month, Moody’s Investor Service downgraded the firm’s credit rating, saying it was at an increased risk of defaulting on its loans.
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