Finland to sell 49.9% of Patria to the norwegian defence company Kongsberg 21803161

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Defence & Security Industry News - Patria & Kongsberg
 
 
Finland to sell 49.9% of Patria to the norwegian defence company Kongsberg
The Ownership Steering Department in the Finnish Prime Minister’s Office has today released information about Patria’s new minority owner and ownership structure. The State of Finland is to sell 49.9 percent of the defence company Patria Oyj to Kongsberg Defence & Aerospace AS.
     
Finland to sell 49 9 of Patria to the norwegian efence company Kongsberg 640 001
     
The total value of the transaction is some EUR 270 million (US$304mn). The transaction is estimated to be closed during the second quarter of the year. After that the State of Finland owns 50.1 percent of Patria Oyj.

Kongsberg, listed in the Oslo Stock Exchange, is more than 200 years old company, the State of Norway as the main stakeholder with a bit more than 50 percent ownership. Kongsberg has four Business Areas: Maritime, Defence Systems, Protech Systems and Oil & Gas. The Group employs some 7 700 persons and operates in more than 25 countries. Kongsberg’s turnover in 2015 was some NOK 17 billion (about EUR 1.8 billion - US$2 bn).

We at Patria are very pleased with the new minority owner and strategic partner. This is opening new opportunities for the development of our operations and surely for its part also affecting the future strategic choices. Additionally it will strengthen Patria’s position as a significant player in the Nordic and the leading defence company in Finland. Patria will also in the future be an essential part of the Finnish defence industry and security of supply”, says Heikki Allonen, President and CEO of Patria.

Patria, Kongsberg and the Norwegian Nammo, which is producing ammunition and rocket motors and equally owned by Patria and the State of Norway, will together form a leading Nordic entity in its field. The transaction will support Patria’s operations in the international market and open opportunities especially in maintenance business, systems deliveries and production of aerospace components.

 

 

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