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Serco to acquire US defence services group Whitney, Bradley & Brown for $295m
StockMarketWire.com
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Outsourced services provider Serco said it had agreed to acquire Whitney, Bradley & Brown, a provider of advisory and engineering services to the US Military, for $295 million from an affiliate of H.I.G. Capital.
Serco said the acquisition would increase the scale, breadth and capability of its North American defence business and provide 'a strong platform from which to address all major segments of the US defence services market'.
Whitney, Bradley & Brown was expected to generate revenue of around $230 million in calendar 2021 and operating earnings of $29 million.
Serco said the deal would be immediately accretive to earnings -- enhancing its underlying earnings per share by around 10% in 2022 -- and funded through existing debt facilities.
Cost synergies of $4 million per year, a large part of which were property-related, were expected by 2023.
Story provided by StockMarketWire.com
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