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Business/Financial

BAE Completes Sale Of Its Share In South Africa Land Systems Business To Denel

By Cal Biesecker

Tuesday, April 28th, 2015

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BAE Completes Sale Of Its Share In South Africa Land Systems Business To Denel

Denel's G6 155mm self-propelled artillery gun. The company has acquired BAE's Land Systems business unit in South Africa. Photo: Denel

Britain’s BAE Systems plc on Tuesday said it has completed the sale of its 75 percent stake in a land systems business based in South Africa to Denel SOC Limited for $55.2 million.The deal to sell its holding in BAE Systems Land Systems South Africa (LSSA) was first announced last August and also included the divesture by DGD Technologies Proprietary Limited of its 25 percent stake in LSSA. Denel is a South African-based defense company.Erwin Bieber, president of the Platform…

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