Airbus Group has signed a share buyback agreement with Helsinki-based Patria to sell its entire 26.8 percent to the Finnish defence, security and aviation services provider.

The Board of Patria fully endorses the transaction, which will place Patria in full control of its strategic future, in agreement with the State of Finland, the company's majority shareholder, which is represented in the transaction by the Ownership Steering Department of the Prime Minister's Office (OSD).

“With the sale of our stake in Patria, we are implementing the conclusions drawn from our portfolio review earlier this year for the future set-up of our defence and security business. I thank the Finnish government for its cooperation and support in completing this transaction so smoothly,” said Marwan Lahoud, Chief Strategy and Marketing Officer of Airbus Group. “I also wish to thank the management and employees of Patria for the good partnership we have had for many years. For sure, we will continue our good cooperation on several joint projects.”

“The State recognizes the input of Airbus over the years of business cooperation. Industrial partnership has proved an effective way for Patria to engage in international business. Therefore, the State considers it important to find a new industrial partner for Patria as minority shareholder to enhance the further development of the company's business. The current solution is only temporary in nature and the owner will initiate measures with Patria to seek a new minority partner early next year,” said OSD Director-General Eero Heliövaara.

Closing of the transaction is expected to be completed before the year-end.