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Norwegian Kongsberg to acquire a minority stake of 49.9% in Patria

Kronsberg-kauppa

In March 2016 the State of Finland announced it will sell 49.9 percent of the defence company Patria Oyj to the Norwegian Kongsberg Defence & Aerospace AS. The transaction is estimated to be closed during the second quarter of the year.

”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.