25 Sep 2008 | Ref. 253/2008
BAE SYSTEMS OFFER FOR DETICA DECLARED WHOLLY UNCONDITIONAL
Please find attached RNS, relating to BAE Systems’ acquisition of Detica, which was issued to the London Stock Exchange a short time ago.
Commenting on this development Ian King, BAE Systems Chief Executive, said:
“This acquisition is the latest and most exciting step so far in helping to deliver our strategy to develop a world-leading security and resilience business across BAE Systems’ home markets”.
The key points of this acquisition are:
This transaction is fully in line with and helps to deliver one of BAE Systems’ strategic objectives, which is to progress the development of security and resilience businesses in its home markets.
The intention is to finance this acquisition through existing cash resources. No BAE Systems’ shares will be issued as part of this transaction.
Detica Chief Executive, Tom Black, will continue leading the team through its next phase of growth.
Detica will be a stand alone business unit within BAE Systems, tasked with developing an enhanced strategy to pursue growth opportunities within the security and resilience market. In particular, it will provide a platform for BAE Systems to apply Detica’s capabilities into the US Homeland Security market.
The combination of Detica’s well established customer relationships and technical capabilities together with BAE Systems’ systems integration capabilities will result in a depth of financial and technical capability to address growth opportunities and better service existing and future customers.
Detica’s core businesses operate in a business sector which is experiencing strong growth. This acquisition provides an economically attractive and accelerated implementation of BAE Systems strategy to address these growth opportunities.
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Acquisition, BAE Systems
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