UK-based Babcock International Group has completed the previously announced sale of its Frazer-Nash Consultancy to fellow engineering company KBR for approximately GBP293 million (USD404.2 million), Babcock said on 21 October.
Babcock first disclosed the transaction in August, saying the divestiture would help reduce its debt. Meanwhile, US-based KBR will expand its international advisory capabilities by obtaining Frazer-Nash, which operates mainly in the UK and Australia.
Frazer-Nash serves government and industry customers in defence and other sectors. Its defence engineering expertise spans areas such as air, land, and naval systems; command, control, communications, computers, intelligence, surveillance, target acquisition, and reconnaissance; space defence; and weapons.
Besides providing the divestiture update, Babcock said its financial performance for the first half of fiscal year 2022 was in line with its expectations, as the company generated revenue of GBP2.2 billion and underlying operating profit of GBP115 million. Babcock plans to release more details about its first-half results on 7 December.
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