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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BAE Systems (London:BA), BVT Surface Fleet, VT Group (London: VTG)
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