July 1, 2014
BAE Systems announces enhanced partnership with Riyadh Wings
BAE Systems announced a reorganisation of its portfolio of interests in a number of industrial companies in the Kingdom of Saudi Arabia and an enhancement of its existing relationship with Riyadh Wings Aviation Academy (Riyadh Wings). Through a number of transactions, the reorganisation will bring together shareholdings of the BAE Systems group and Riyadh Wings in Saudi companies specialising in training, electronics and IT systems engineering under a single holding company. Riyadh Wings will progressively acquire a 49% stake in the holding company with BAE Systems continuing to hold a majority stake. The reorganisation is expected to enhance the growth prospects of these businesses in the Kingdom of Saudi Arabia. No material near-term impact on underlying earnings for the Group is expected to arise from these transactions. Completion of the transactions to effect the reorganisation is conditional on the satisfaction of certain regulatory approvals.