PARIS: Airbus Group will sell its Defence Electronics business to US investors KKR for 1.1 billion euros ($1.2 billion), a deal which will be finalised over the next year, the European aeronautics giant announced Friday. “This is a significant step forward in the portfolio reorganisation announced by the Airbus Defence and Space Division in September 2014,” Airbus said in a statement. The group will retain a minority stake “to ensure a smooth and seamless transition”. Bernhard Gerwert, CEO of Airbus Defence and Space said, “This is an excellent outcome for our Orlando process which aimed at repositioning Defence Electronics for the future with an excellent outcome for all stakeholders,” he said. Johannes Huth, head of KKR Europe, Middle East and Africa, said KKR “will support the growth and development of the company with its financial resources, international network, long-standing expertise in the global industrial sector and its extensive experience.”
Published in The Express Tribune, March 20th, 2016.
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