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Babcock completes sale of Frazer-Nash

Babcock International Group plc has announced the completion of the sale of its wholly owned subsidiary Frazer-Nash Consultancy Limited.


 
Above: David Lockwood, CEO, Babcock.
Courtesy Babcock

 
On 20th October 2021, Babcock completed the sale of Frazer-Nash Consultancy to KBR for a cash consideration of £293 million before adjustments and transaction costs.

This sale forms part of our portfolio realignment, which aims to generate at least £400 million of proceeds, the majority of which will be used to reduce the Group’s net debt.

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Headquartered in the UK, Frazer-Nash Consultancy delivers innovative engineering and technology solutions across a broad range of critical national infrastructure, helping to provide assurance to operators and regulators from a network of nine UK and four Australian locations. The consultancy, which has grown strongly since Babcock acquired it in 2007, employs around 900 people.

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The Consultancy was part of Babcock’s Marine sector and had revenue of £101 million in FY21 (FY20: £102 million), with profit before interest and tax of £14 million (FY20: £17 million).
 

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