The competition authorities in Finland have granted their approval concerning the sale of 49.9 percent of the shares of the Finnish defense company Patria Oyj, fully owned by the State of Finland to Kongsberg Defence & Aerospace AS. The total value of the transaction is EUR 283.5 million. The State of Finland now owns 50.1 percent of Patria Oyj. 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.
The decision comes two years after the previous commercial owner – the Airbus group, decided to divest its minority stake in the company. Airbus owned 26.8 percent in Patria and sold its entire stake to the Finnish government.
”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.
Kongsberg, listed in the Oslo Stock Exchange, is more than 200 years old company. The majority stockholder is the State of Norway with 50 percent. Patria itself has 50% stake in Nammo, a Norwegian defense company specialized in ammunition and rocket propulsion. The state of Norway is the other shareholder of Nammo.
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.