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GKN sells Alvis stake for £73 million
GKN has agreed the sale of its entire 29% stake in Alvis plc to BAE Systems plc for £73 million in cash.
Alvis is one of the world’s leading companies in armoured vehicles and other specialist vehicles and BAE Systems a world leading defence prime contractor. GKN acquired its stake in Alvis in 1998, as a result of the merger between GKN Defence and Alvis.
Kevin Smith, Chief Executive of GKN, said “We believe strongly that this transaction will be a positive development for Alvis and its customers, and BAE Systems, and represents good value for GKN shareholders.”
Proceeds from the sale, which is subject to clearance by the Cartel Office in Germany, will be applied against short-term debt.
Enquiries:
GKN Corporate Communications
+44 (0)20 7930 2424
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