British defence giant BAE Systems has sold a majority stake in its Land UK tank and combat vehicle division to German rival Rheinmetall for £28.6m.

The new joint venture gives Rheinmetall a 55% stake, with BAE owning the rest, and will be based at the UK firm’s factory in Telford, Shropshire.

Called Rheinmetall BAE Systems Land, the venture will produce the British Army’s new infantry vehicles.

BAE’s Land UK unit is upgrading and maintaining the Challenger 2 tank.

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