UK engine manufacturer Rolls-Royce has completed the purchase of the 50% stake of Rolls-Royce Power Systems (RRPS) held by Germany's Daimler.
The deal, first announced on 7 March, is valued at EUR2.43 billion (USD3.2 billion) following an agreement on a fair-market valuation in April.
RRPS, formerly known as Tognum, was bought by Daimler and Rolls-Royce in 2011 in a deal valued at EUR3.4 billion (then USD4.6 billion).
Based in Friedrichshafen in southern Germany, RRPS employs 11,000 people and produces powerplants for a broad range of marine and land defence platforms. These include the Leopard I (engine MB 836 610 kW), Leopard II (engine MB 873 1,100 kW), and Arjun (engine MB 838 1,030 kW) main battle tanks, and the South Korean Samsung Techwin K9 Thunder howitzer (powered by the MTU MT881 KA-500 powerplant).