Sale of Context

RNS Number : 2867F

Babcock International Group PLC

06 March 2020

 

6 March 2020

Babcock International Group PLC (Babcock or the Group)

Sale of Context

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.

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.

This deal continues Babcock's strategy of streamlining our portfolio by realising value from businesses outside our core strategy.

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."

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For further information please contact:

Babcock International Group PLC 

Simon McGough                                                             Kate Hill

Director of Investor Relations  Group Director of Communications

Tel: [phone]                                                  Tel: [phone]
 

FTI Consulting 

Andrew Lorenz

Nick Hasell

Alex Le May

Tel: [phone]

 

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