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Babcock International Group PLC on Tuesday said it entered an agreement with funds managed by Ancala Partners LLP to sell some of its aerial emergency services businesses for EUR136.2 million, or GBP115 million.
The London-based aerospace, defence and nuclear engineering services company explained that the sale forms part of its portfolio alignment programme, which aims to focus the company and reduce its complexity.
The businesses are part of its aviation sector, Babcock said, and provide aerial emergency medical, firefighting and search and rescue services.
In the year ended March 31 2021, they reported revenue of GBP407 million and pretax loss of GBP177 million.
In financial 2022, revenue fell 0.5% to GBP405 million. However, the pretax loss narrowed to GBP10 million, based on unaudited figures.
The emergency services businesses employ roughly 2,400 and operate 232 aircraft across 164 operational locations in six countries. These countries are Italy, Spain, Portugal, Norway, Sweden and Finland.
Babcock said it will keep its aerial emergency services businesses in the UK, France, Canada and Australia, which it describes as its "focus countries".
The FTSE 250 company said that the sale proceeds will be used for "general corporate purposes."
The deal is expected to conclude by the end of 2022.
Babcock shares were trading 1.3% higher at 323.40 pence each in London on Tuesday morning.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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