French media group Lagardere Tuesday said it has sold its entire 7.4% stake in European Aeronautic Defence & Space Co EADS through a private placement for 2.28 billion euros ($2.96 billion).
The company, controlled by businessman Arnaud Lagardere, had said late last year it would sell its stake in EADS before the summer as part of a general rejigging of the company's shareholder structure.
"Upon completion of this transaction, Lagardere will have sold its entire stake in EADS," Lagardere said in a statement.
In a separate statement, EADS said it acquired a 1.61% stake worth 500 million euros in the private placement. The operation is part of a wider 18-month share buyback program announced late last year.
Shares of EADS were down 3% on Tuesday, while shares of Lagardere were down 1%.