BAE share price: Company strikes $1 billion deal to upgrade South Korean F-16 jets

BAE Systems has finalised a deal with the US government to upgrade more than 130 South Korean F16 fighter jets under a contract worth an estimated $1 billion (£602.7 million). The UK-based defence, aerospace and security group, which last month lost out on a potential £6 billion deal to provide Eurofighter Typhoon combat aircraft to the United Arab Emirates (BAE share price tumbles on double blow from the Middle East) now hopes to secure orders for F16 upgrades in other countries.

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