QinetiQ Group plc
02 January 2008
QinetiQ Group plc
2 January 2008
QinetiQ agrees to purchase two Australian defence consulting companies
QinetiQ Group plc, announces today that it has signed agreements to purchase two
Australian defence consulting businesses, Ball Solutions Group Pty Ltd and
Novare Services Pty Ltd. These acquisitions, which are subject to regulatory
approval, represent QinetiQ's first investment in Australia and provide the
company with a presence of 185 staff located in Canberra, Sydney, Melbourne,
Brisbane and Adelaide.
Ball Solutions Group is a provider of professional and consulting services,
primarily to the Australian Department of Defence and has annual revenues of
A$29 million. It is being acquired for a total cash consideration of A$12
million from Ball Aerospace & Technologies Corp. of Broomfield, Colorado, USA.
It operates in three main practice areas: business systems and applications;
data acquisition and management; and operations research and analysis.
Novare provides engineering and logistics services to the Australian Department
of Defence, its prime contractors and selected commercial partners. It has
annual revenues of A$6.1 million and is being acquired for a total cash
consideration of A$8 million from its founders, who will remain with the
company. Novare's core expertise is in explosive ordnance and weapons, aerospace
systems, advanced technical data management and performance based contracting.
These acquisitions represent the continuing execution of QinetiQ's strategy to
grow its Europe, Middle East and Australasia (EMEA) capabilities. They will
enhance QinetiQ's portfolio of defence and security based expertise, provide
additional routes to market and broaden QinetiQ's customer base through existing
relationships and contractual arrangements.
The acquisitions are subject to Australian and US Government regulatory approval
and are expected to complete by the end of February 2008, after which the
companies will trade as QinetiQ Consulting Pty Ltd.
Contacts:
QinetiQ Investor Relations: Adrian Colman +44 (0)1252 395366; +44 (0)7740 432699
This information is provided by RNS
The company news service from the London Stock Exchange
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