Airbus said on Tuesday it had finalised the sale of its Germany-based Defense Electronics business to global investment firm KKR (KKR.N), following a series of approvals, including a green light from the German government.

The unit, which will be renamed Hensoldt, is headquartered in Ottobrunn, Germany, generates annual revenues of around 1 billion euros ($1.06 billion) and employs around 4,000 staff.

"Airbus has agreed to maintain a 25.1 percent minority stake for a limited number of years post-closing until the full separation of the sites," the European aerospace group said.The transaction, worth 1.1 billion euros, had been unveiled in March last year.

Source:reuters.com