France’s Airbus Group on Tuesday said it has agreed to sell its 26.8 percent stake in Patria to the Helsinki-based defense, security and aviation services company as part of its portfolio shaping strategy begun earlier this year.
Patria, which is majority owned by Finland’s government, said it will look for a new industry partner as minority shareholder early in 2015.
“Industrial partnership has proved to be an effective way for Patria to engage in international business,” Eero Heliovaara, the company’s director general from Government Ownership Steering, said in a statement. “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 transaction is expected to close this month.
Marwan Lahoud, chief strategy and marketing officer for Airbus Group, said in a statement that divesting the company’s stake in Patria is part of its portfolio review begun “earlier this year for the future set-up of our defense and security business.”
In late November, Airbus sold part of its stake in French military and business aircraft manufacturer Dassault Aviation to the company for about $1.2 billion, representing about 8 percent of Dassault’s shares. The sale is part of Airbus’ plans to monetize some of its investment in Dassault. Airbus plans to sell another 10 percent of Dassault’s shares by June 30, 2015.
Also this year as part of its portfolio shaping efforts, Airbus Group sold a majority of its shares in its European Test & Services business to a group of private equity investors in Europe. The business has been renamed Spherea Test & Services.
In a separate transaction last spring, Airbus sold its United States-based Test & Services business to Astronics [ATRO].