British defence firm VT Group said Wednesday it would sell its 45-percent share in its shipbuilding joint venture, BVT Surface Fleet, to partner BAE Systems.
VT Group said in a statement it would sell the stake in July for a minimum of 380 million pounds (409 million euros, 542 million dollars).
"The Group has the right from 1 July 2009 to put its 45-percent shareholding in BVT to its joint venture partner, BAE Systems, for a minimum exit price of 380 million pounds," VT Group said.
"VT Group has decided to exercise the … option which requires UK Ministry of Defence approval in addition to the approval of VT Group's shareholders and other regulatory bodies."
BVT Surface Fleet was created in June 2008 when BAE and VT agreed to combine their warship construction and support operations. The Ministry of Defence has already approved the sale.
"Our exit from BVT Surface Fleet later this year will enable us to refocus exclusively on expanding our core engineering based support services offerings," added VT Group Chief Executive Paul Lester in the statement.
