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Wed, 10 Dec, 2014 12:01:40 AM FTimes Report, Dec. 10  Patria company logo. Photo - Lehtikuva. Finnish provider of defence, security and aviation life-cycle support services and technology solutions, Patria Oyj on Tuesday signed an agreement on the acquisition of Patria's 26.8 per cent share owned by Airbus Group.
Patria will cancel a part of the shares and, for the time being, the company will be under full State control following the transaction, said a press release of the Government Communications Department.
A certain number of the shares will be placed in Governia, a state-owned company with special assignment.
The initiative for the transaction was made by Airbus Group as part of its portfolio review.
“The State recognizes the input of Airbus over the years of business cooperation. Industrial partnership has proved an effective way for Patria to engage in international business,” says Government Ownership Steering Director-General Eero Heliövaara.
The State considers it important to find a new industrial partner for Patria as minority shareholder to enhance the further development of the company's business.
“The current solution is only temporary in nature and the State owner will initiate measures with Patria to seek a new minority partner early next year,” the Director-General adds.
“With the sale of our stake in Patria, we are implementing the conclusions drawn from our portfolio review earlier this year for the future set-up of our defence and security business,” said Chief Strategy and Marketing Officer of Airbus Group, Marwan Lahoud.
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