French publishing house Lagardère has sold its entire stake in European aerospace giant EADS.

The company’s exit from EADS had been announced last year, but no precise time had been given for its withdrawal. It is in the process of divesting its shareholdings in non-core assets.

The sale of roughly 61 million shares, representing approximately 7.4% of EADS’ share capital, raised some €2.28 billion ($2.97 billion) via a private placement.

 EADS was one of the buyers, paying around €500 million to buy back around 1.6% of its own shares.

The next major change in EADS’ share register will come when German carmaker Daimler sells its remaining 7.5% stake to the German government. This will pave the way for the aerospace group to have a larger free-market float with combined government stakes capped at 28%, Reuters said.