Strat Aero share take off on UAV Airways deal

7th Oct 2015 15:23

(ShareCast News) - Shares in Strat Aero soared over 10% on Wednesday, after the aerospace services group has signed a joint venture agreement with unmanned aerial vehicle training specialist UAV Airways.Under the terms of the agreement, the London-listed company and UAV Airways will establish remotely controlled aircraft and systems training centres.Strat Aero added the joint venture will also deliver training in overseas territories, indicating it will provide the initial funding for the joint venture, while UAV Airways will deliver the training material and school set-up facilities."UAV Air is the second of a series of strategic transactions the new management team has been evaluating, all of which have the potential to fast track Strat Aero's transformation into the first fully integrated global solutions provider focused on the rapidly growing UAV market," said group chief executive Tony Dunleavy.UAV will retain operation control on the training schools, with Stra Aero holding a majority stake in the joint venture, the company said.Strat Aero shares were up 10.51% to 8.15p at 1542 BST on Wednesday.