July 21, 2020 / 1:28 PM / 22 days ago

UAE's EDGE to buy Lockheed stake in military maintenance company

FILE PHOTO: A sign at the new Lockheed Martin Manufacturing Centre of Excellence is seen at the company's headquarters in Ampthill near Bedford, Britain June 9, 2016. REUTERS/Peter Nicholls/File Photo

DUBAI (Reuters) - United Arab Emirates state defence conglomerate EDGE said on Tuesday it was taking full ownership of UAE military repair and maintenance company AMMROC by buying the 40% stake held by Lockheed Martin (LMT.N).

Abu Dhabi-based EDGE has entered into a conditional agreement to buy the stake from Lockheed Martin and its subsidiary Sikorsky, it said in a statement.

The value of the transaction was not disclosed.

Reporting by Alexander Cornwell; Editing by Mark Potter

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