QinetiQ announces the disposal of its underwater systems business
Posted on 11.06.2009 - 10:00 EDT in GENERAL NEWS by Rons_ROV_Links
QinetiQ Group plc has announced that it has reached an agreement to sell its underwater systems business based in Winfrith, Dorset to Atlas Elektronik UK for a cash consideration of £23.5m.
The transaction is in line with QinetiQ's strategy to dispose of certain non-core assets within its EMEA business and reallocate capital into higher growth investments.
As is normal with such transactions in the UK defence market, the agreement is subject to regulatory approval and is expected to complete this summer.