(RTTNews) - Rheinmetall AG (RNMBF), a German technology group, Friday, announced that it has bought an additional 11 percent of the shares in blackned GmbH, a Bavarian software company, through a share purchase agreement.
The transaction allows Rheinmetall to increase its shares in blackned GmbH from 40% to 51%, securing majority control.
Last month, Rheinmetall and blackned received a large-scale order for IT-system integration from Bundeswehr (German army), worth 1.2 billion euros.
Rheinmetall will handle about EUR 730 million of the contract, while Blackned will contribute around EUR 470 million. The new technology will be installed in over 10,000 combat and support vehicles for the Bundeswehr by mid-2030.
Thursday, RNMBF had closed at $665.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
