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.’
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