France-based Airbus Group division Airbus Defence and Space has entered an agreement to divest 49% of its shares in Atlas Elektronik Group to German multinational conglomerate ThyssenKrupp.
To date, thyssenkrupp has held a 51% stake in German-based Atlas Elektronik, which is a supplier of high-tech international maritime technology.
After the acquisition is finalised, thyssenkrupp will become the complete owner of the German company.
Airbus Defence and Space has sold the remaining 49% of its shares as part of its divestment programme, which will enable the company to focus on its core business interests.
Currently, thyssenkrupp manages Atlas Elektronik in collaboration with Airbus Defence and Space as a joint venture (JV).
In addition, the complete ownership will facilitate even closer cooperation between Atlas Elektronik and thyssenkrupp Marine Systems.
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The cooperation would boost product development, to further enhance flexibility and efficiency in the interests of the customers for the company.
The purchase price for the transaction has not been disclosed.
Completion of the acquisition transaction is based on the approval of the German Government and the thyssenkrupp Supervisory Board, as well as regulatory approvals.
Atlas Elektronik provides sonar, command and weapons deployment systems, communication systems, unmanned underwater and surface vehicles, mine warfare systems, underwater weapons, and coastal surveillance and shipping guidance systems.
The company also delivers comprehensive services in the maintenance and logistics sectors.
Image: thyssenkrupp will become the complete owner of Atlas Elektronik with the acquisition of 49% shares. Photo: courtesy of thyssenkrupp AG.