January 21, 2019 / 11:03 AM / 10 months ago

Rheinmetall, BAE Systems form joint venture in Britain

Trade visitors walk past an advertisement for BAE Systems at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. REUTERS/Toby Melville

FRANKFURT (Reuters) - German defence and automotive company Rheinmetall (RHMG.DE) on Monday said it would create a Britain-based joint venture with peer BAE Systems (BAES.L) to design, build and support military vehicles.

As part of the deal, Rheinmetall will buy a 55 percent stake in BAE Systems’ Britain-based combat vehicles business, with BAE keeping the rest, Rheinmetall said, without disclosing financial details.

The joint venture, which is expected to be completed in the first half and will have about 400 employees, will be named Rheinmetall BAE Systems Land, Rheinmetall said.

Reporting by Christoph Steitz, editing by Tassilo Hummel

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