Patria to seek new industrial partner following Airbus exit
Airbus Group is to sell its entire 26.8 percent stake in Patria under a share buyback agreement which will leave the Finnish defence, security and aviation services provider under full state control.
Airbus initiated the sale as part of a portfolio review. Following the transaction, which is expected to be complete before the end of 2014, part of the shares will be cancelled, and a certain number of shares will be placed by Patria in Governia, a state-owned company with special assignment.
The State of Finland, Patria’s majority shareholder - represented in the transaction by the Ownership Steering Department of the Prime Minister’s Office (OSD) – will then seek a new industrial partner for the company.
Eero Heliövaara, director-general, OSD, said: ‘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. Therefore, 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 owner will initiate measures with Patria to seek a new minority partner early next year.’
Marwan Lahoud, chief strategy and marketing officer, Airbus Group, added: ‘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. I thank the Finnish government for its cooperation and support in completing this transaction so smoothly. I also wish to thank the management and employees of Patria for the good partnership we have had for many years. For sure, we will continue our good cooperation on several joint projects.’
More from Defence Notes
-
![US forces’ heads lay out their needs and requirements before Senate committees]()
US forces’ heads lay out their needs and requirements before Senate committees
The new US administration has introduced or outlined plans for substantial change across the Department of Defence (DoD) and its branches. Several branch heads faced up to Senate Committees to outline needs and challenges.
-
![A “bolder, more radical” UK Strategic Defence Review will be published within two weeks, says key reviewer]()
A “bolder, more radical” UK Strategic Defence Review will be published within two weeks, says key reviewer
The UK Strategic Defence Review, which was anticipated to be published by mid-2025, has been given a more definitive release date by the report’s lead reviewer.
-
![New UK-EU defence pact misses concrete details despite ambitious “first step”]()
New UK-EU defence pact misses concrete details despite ambitious “first step”
Given the geopolitical gravity, analysts have said the defence and security agreement established falls short of what is needed for future UK-EU co-operation.
-
![Drones, C-UAS and air base investments top the list in $42 billion US-Qatar defence deal]()
Drones, C-UAS and air base investments top the list in $42 billion US-Qatar defence deal
General Atomics Aeronautical Systems secured a nearly $2 billion deal for MQ-9B uncrewed aerial systems, while Raytheon’s counter-UAS system was secured for $1 billion.
-
![Brazilian Congress to review constitution amendment to secure defence budget increase]()
Brazilian Congress to review constitution amendment to secure defence budget increase
An amendment to the Brazilian Constitution currently under discussion would permanently assign 2% of annual GDP to the defence budget, potentially cementing modernisation programmes for the country’s armed forces.
-
![What capabilities could the US supply to Saudi Arabia under the $142 billion deal?]()
What capabilities could the US supply to Saudi Arabia under the $142 billion deal?
Multiple questions involving the largest US Foreign Military Sale in history remain unanswered.
