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  • Friday, April 19, 2024

BAE Systems buys 45 percent of shares of BVT from VT Group


In an agreement signed today. VT Group has exercised an option to sell its 45 percent shareholding in BVT Fleet Limited (BVT) to BAE Systems for the consideration of approximately $569 million.

In addition, VT Group will invest almost $71 million of capital into BVT to settle claims and other matters. It will also pay BVT almost $8 million for inter-company balances. BAE Systems will receive approximately $115 million in deferred payment for the July 2008 sale of Flagship Training Limited.

The sale is expected to be completed in the fourth quarter.

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