Private equity firm KKR (KKR.N) has agreed to buy Airbus Group‘s (AIR.PA) defense electronics business for 1.1 billion euros ($1.2 billion), the European aerospace group said on Friday.
The transaction is expected to close in the first quarter of next year, Airbus said in a statement.
“Defense Electronics is a strong, profitable business with significant growth potential, and we are convinced that KKR and the Defense Electronics management team and employees will continue to strongly develop the business,” Bernhard Gerwert, head of Airbus Defense and Space, said.
(Reporting by James Regan; Editing by Mark Potter)
Photo of an Airbus Group flag courtesy of Reuters/Regis Duvignau