Business
Sale of Context
Sale of Context.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 2867F\n Babcock International Group PLC\n 06 March 2020\n \n \n \n \n 6 March \n 2020\n \n \n Babcock International Group PLC (Babcock or the Group)\n \n \n Sale of Context\n \n \n \n \n \n Babcock, the aerospace and defence company, has completed the sale of Context, a leading cyber defence consultancy, to Accenture for a cash consideration of £107 million.\n \n \n \n \n \n Context provides high-end cyber defence services across a range of industries including financial services, government, aerospace and defence and critical infrastructure. It is headquartered in London, UK, and employs over 250 people across the UK, Germany, USA and Australia. Context was part of the Group's Marine sector. For the year ended 31 March 2019, it had operating profit of £2 million. As at 30 September 2019, Context had gross assets of £36 million.\n \n \n \n \n \n This deal continues Babcock's strategy of streamlining our portfolio by realising value from businesses outside our core strategy.\n \n \n \n \n \n Archie Bethel, Chief Executive, said: \"Context is an exciting business and has achieved a great deal in the area of cyber security. We wish Accenture well in taking the business forward from here. This transaction represents a further focusing of our business and supports our medium term strategy.\"\n \n \n \n \n \n ends\n \n \n \n \n \n \n \n \n For further information please contact:\n \n \n Babcock International Group PLC \n \n \n Simon McGough Kate Hill\n \n \n Director of Investor Relations Group Director of Communications\n \n \n Tel: +44 (0)20 3823 5592 Tel: +44 (0)20 7355 5312\n \n \n \n FTI Consulting \n \n \n Andrew Lorenz\n \n \n Nick Hasell\n \n \n Alex Le May\n \n \n Tel: +44 (0)20 3727 1340\n \n \n \n \n This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Prima...