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
-
![Global Ordnance and Sparkz disclose plans for 500,000 US-made UAV batteries a year]()
Global Ordnance and Sparkz disclose plans for 500,000 US-made UAV batteries a year
The companies have outlined plans for US$25 million manufacturing lines and initial deliveries in 2027 as Washington tightens restrictions on Chinese UAV components.
-
![Patria OPTIME and ILIAS: Orchestrating operational readiness across every domain]()
Patria OPTIME and ILIAS: Orchestrating operational readiness across every domain
Patria OPTIME is a sustainment concept that integrates MRO and lifecycle services into one solution, powered by the ILIAS digital defence platform
-
![US military seeks common controllers for drones and robotic systems]()
US military seeks common controllers for drones and robotic systems
US Air Force, Army, Marine Corps and Special Operations Command initiatives signal demand for interoperable uncrewed systems control, creating opportunities for suppliers of hardware, software and integration services.
-
![“Start planning much earlier”: delivering defence support in an era of disruption]()
“Start planning much earlier”: delivering defence support in an era of disruption
In Conversation… The geopolitical landscape is increasingly uncertain, with the UK and its allies confronting the most unpredictable international environment for decades. To adapt, defence readiness must begin long before assets reach the front line, forging a resilient support enterprise that can thrive in a time of ongoing disruption, argue the partners of Team ORION.
-
![“Communicating at mission speed”: why data security is essential for operational success]()
“Communicating at mission speed”: why data security is essential for operational success
In conversation… Everfox’s Chairman and Chief Executive Officer Dave Wajsgras and Managing Director, International, Colin McKinty discuss the critical importance of information security in defence, minimising insider risk and the company’s international growth strategy with Shephard’s Andrew White.
-
![“Engage with the operational problem”: how software innovation can boost UK defence]()
“Engage with the operational problem”: how software innovation can boost UK defence
In Conversation… Shephard’s Andrew White talks to Zafer Şen, CEO and co-founder of OBSS, about the future of command-and-control software in the age of artificial intelligence, and his company’s ambitions in the UK defence market.
