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Saab buys defence systems JV stake from Tieto

Tue Jun 30, 2009 5:32am EDT

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STOCKHOLM, June 30 (Reuters) - Swedish aerospace and defence group Saab (SAABb.ST) said on Tuesday it had bought TietoEnator's (TIE1V.HE) stake in a joint venture owned by the two companies.

Saab said in a statement it had acquired the Finnish IT services firm's 60 percent holding in TietoSaab Systems, a joint venture specialised in command and control systems for the defence industry.

The purchase price was not disclosed. Saab said the unit employed about 80 people and had net sales of 9.3 million euros last year.

(editing by John Stonestreet)



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