|
Qinetiq Group PLC, a science and engineering company focused on defence and security solutions, on Monday said it has agreed to buy Air Affairs Pty Ltd for A$53.0 million, around £31.0 million.
Air Affairs is an Australian defence services company which specialises in air threat representation, and provides target and training services and electronic warfare capabilities to the Australian Defence Force. It owns and operates a fleet of special mission aircraft.
In the 12 months to June 30, Air Affairs delivered A$43 million revenue. Qinetiq said the purchase would help towards establishing itself as a ‘long-term, strategic partner to the Australian Defence Force’.
Chief Executive Officer Steve Wadey added: ‘The acquisition of Air Affairs in Australia is a further exciting opportunity to accelerate our growth and reinforces our market leading position in test and evaluation, and air threat representation globally.’
Qinetiq also announced that it has sold Qinetiq Space NV in Belgium to Redwire Space Europe for €32.0 million.
Space NV is a Belgium-based commercial space business whose principal customer is the European Space Agency.
Qinetiq said that while the space domain remained a core part of its defence and security strategy, Space NV's products provide ‘limited operational synergies and alignment with our global ambition’.
Both transactions are expected to be complete within six weeks.
Qinetiq shares were trading 0.9% lower at 326.95 pence each in London on Monday morning.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
