Korea confirms deal to buy F-35 jets; deal reported at $6.79B

As expected, South Korea has formally selected Lockheed Martin's (LMT) F-35 jet for the country's F-X fighter acquisition program, with Reuters reporting that the government expects to pay 7.34T won ($6.79B) for 40 planes.

South Korea plans to finalize the deal in Q3 and take the first delivery in 2018.

South Korea's decision follows a report that the F-35 faces more delays due to software problems and that Italy could further scale back a program to purchase 90 F-35s. (PR)

South Korea also confirmed that it intends to acquire four of Northrop Grumman's (NOC) Global Hawk unmanned aircraft. The drones will cost 880B won and deliveries are set to begin in 2018.

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