Engineering support services group Babcock International has agreed to acquire nuclear specialist UKAEA from the United Kingdom Atomic Energy Authority for £50 million in cash.
Engineering support services group Babcock International has agreed to acquire nuclear specialist UKAEA from the United Kingdom Atomic Energy Authority for £50 million in cash.
UKAEA specialises in nuclear site management and decommissioning, but also works in an advisory capacity for government organisations in the UK and overseas. The business generated revenue of £32 million in the year ending March.
The deal will complement Babcock’s nuclear division, BNS Nuclear Services, which was formed with the acquisition of Alstec in 2006, and expanded with the addition of International Nuclear Solutions and Strachan & Henshaw in 2008. The transaction will complete when regulatory approvals are obtained.
In its latest financial results, Babcock International Group reported pre-tax profits of £120.9 million and revenue of £1.9 billion, and the nuclear division contributed sales of £106.7 million.
