Business
Acquisition of UKAEA Limited
Acquisition of UKAEA Limited.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n RNS Number : 2847Z Babcock International Group PLC 18 September 2009 \n \n18 September 2009 \n\n\nBabcock International Group PLC\nAcquisition of UKAEA Limited\nClass 3 Transaction\n\nBabcock International Group PLC (Babcock), the engineering support services company, today announces it has agreed to acquire UKAEA Ltd (UKAEA) from the United Kingdom Atomic Energy Authority for a cash consideration of £50 million. UKAEA will have cash balances of approximately £12 million on completion. The transaction will complete when customary approvals are obtained.\n\nThe UKAEA has a world class reputation in the nuclear market place with over 50 years' experience in nuclear site management, operations and decommissioning and established advisory roles with a number of government organisations in both the UK and overseas. It provides a wide range of services including programme management, decommissioning, waste management, environmental services and technical consulting. \n\nBabcock already has one of the largest specialist nuclear services resources in the UK with well established positions in both the civil and military nuclear operational support and decommissioning markets. This acquisition provides Babcock with its first operational Tier 1 position in the civil nuclear market and a direct relationship with the Nuclear Decommissioning Authority, complementing its existing Tier 1 position in the military nuclear market. \n\nThe acquisition represents a significant extension to Babcock's existing nuclear skills by bringing proven capabilities in waste categorisation, decommissioning of high hazard facilities, encapsulation and storage of hazardous materials and transportation of waste, which are applicable to both the civil and military sectors. \n\nIn the financial year ended 31 March 2009, UKAEA generated revenue of £32 million. The f...