RENK Group to Purchase UK's David Brown Defence

RENK Group (R3NK.F) agreed to acquire UK-based privately held manufacturer David Brown Defence via a purchase of shares in DB Defence Holdco, according to a Friday release. The military and civilian propulsion systems manufacturer said the deal would boost its naval business. Subject to standard regulatory clearances, the deal is expected to close in the fourth quarter. David Brown Defence manufactures high-precision gearboxes for the naval and land defense sectors.