Friday, October 30, 2009

VT Group completes sale of BVT Surface Fleet shareholding

VT Group completes sale of BVT Surface Fleet shareholding
30 October 2009

Support services company VT Group today announces that, following the receipt of EU approval, it has signed a legally binding agreement with BAE Systems which completes the disposal of its 45 per cent shareholding in BVT Surface Fleet Limited, the shipbuilding and naval support joint venture, for a cash consideration of £346 million.

VT Group Chief Executive Paul Lester commented: “This marks the completion of our transition to a pure support services company and we are well positioned to grow the business both organically and through acquisition, using the resources from the sale of our shareholding in BVT.”

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