LONDON: Defence company Babcock International Group has clinched a five-year contract extension worth approximately £1 billion with the UK Ministry of Defence (MOD), reinforcing its strategic partnership with the British Army. The contract, a continuation of the Defence Support Group (DSG) Service Provision and Transformation Contract (SPTC), is set to enhance the Army’s operational readiness by providing…
LONDON, UK: Babcock International Group has entered into a Sales and Purchase Agreement to acquire the remaining 50% interest in its Australian Naval Ship Management (NSM) joint venture from its long-term joint venture partner in Australia, for a consideration of AUD 60 million (approximately £32 million). The NSM joint venture was established in 2012 to…
LONDON, UK: Babcock International Group announced the completion of the sale of its Power business to M Group Services for a gross cash consideration of £50 million. Babcock’s Power business is a leading provider of engineering services in the UK overhead line electric transmission and distribution industry. It is trusted to deliver high quality outputs…
LONDON, UK: Babcock International Group announced the completion of the sale of Frazer-Nash and provides a short trading update for the half year ending 30 September 2021 (HY22). On 20 October 2021, Babcock completed the sale of Frazer-Nash Consultancy to KBR for a cash consideration of £293 million before adjustments and transaction costs. This sale…
LONDON, UK: Babcock International has entered into a definitive agreement with Equitix Investment Management Limited for the sale of its 15.4% shareholding in AirTanker Holdings Limited for a cash consideration of £126 million, including the repayment of shareholder loans of £31.1 million1, subject to any routine closing adjustments and before transaction costs. AirTanker Holdings is…
LONDON: Babcock Team 31, led by Babcock Aerospace and Defence Company, has been selected by the UK Ministry of Defence as preferred bidder to deliver its newest fleet of warships. The Type 31 general-purpose frigate programme will provide the UK with a fleet of five ships, at an average production cost of £250 million per…