(Alliance News) - Babcock International Group PLC is in discussions to sell off the bulk of its emergency aviation services division to London-based infrastructure investor Ancala Partners, Sky News reported Tuesday.
Sky News reported that the deal is expected to value Babcock's division at around GBP100 million, though it is not known whether the UK Air Ambulance fleet will form part of the sale.
Babcock had first acquired helicopter and fixed wing services provider Avincis in 2014 for GBP920 million in cash, as well as assume GBP705.0 million in net debt under the deal.
https://news.sky.com/story/babcock-takes-flight-from-aviation-emergency-arm-with-sale-to-ancala-12577333
Shares in Babcock International closed 2.2% lower at 337.28 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Babcock (BAB)
