July 29, 2016 / 7:10 AM / 3 years ago

South Korea's Hanwha Techwin says to buy Thales' stake in JV for $257 million

SEOUL (Reuters) - South Korean defense firm Hanwha Techwin Co Ltd (012450.KS) said on Friday it will buy Thales SA’s (TCFP.PA) 50 percent stake in their unlisted joint venture Hanwha Thales Co Ltd for 288 billion won ($257 million).

In a regulatory filing, Hanwha Techwin said Thales exercised a put option for the French company’s stake in Hanwha Thales, which makes digital defense systems.

Hanwha Techwin said the deal is subject to South Korean government approval. Hanwha Techwin would own 100 percent of Hanwha Thales should the deal proceed.

Reporting by Se Young Lee; Editing by Muralikumar Anantharaman

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