February 28, 2017 / 6:14 PM / 2 years ago

Airbus completes divestment of Defense Electronics unit to KKR

FILE PHOTO: A flight test engineer holds an Airbus Group flag after the first flight of the Airbus A320neo (New Engine Option) in Colomiers near Toulouse, France, September 25, 2014. REUTERS/Regis Duvignau

PARIS (Reuters) - Airbus (AIR.PA) said on Tuesday it had finalised the sale of its Germany-based Defense Electronics business to global investment firm KKR (KKR.N), following a series of approvals, including a green light from the German government.

The unit, which will be renamed Hensoldt, is headquartered in Ottobrunn, Germany, generates annual revenues of around 1 billion euros ($1.06 billion) and employs around 4,000 staff.

“Airbus has agreed to maintain a 25.1 percent minority stake for a limited number of years post-closing until the full separation of the sites,” the European aerospace group said.

The transaction, worth 1.1 billion euros, had been unveiled in March last year.

Reporting by Matthias Blamont; Editing by Leigh Thomas

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