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Babcock International Group PLC - London-based aerospace, defence and nuclear engineering services company - Completes AUD60 million, around GBP32 million, buyout of joint-venture partner UGL Infrastructure Ltd's 50% stake in Australian Naval Ship Management company. The JV, established in 2021, is a strategic maritime sustainment partnership with Australia, and now wholly-owned by Babcock. It brought in AUD254 million in revenue in the last year ended March 31.
"The acquisition will allow Babcock Australasia, one of the group's focus countries, to further strengthen the breadth of its support to the Australian Defence Force's maritime capability and to provide additional capability for Australia's current and future maritime programmes," Babcock says.
Current stock price: 341.10 pence, up 3.4% on Monday
12-month change: up 35%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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