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Acquisition of UKAEA Ltd

Babcock logo Babcock International Group PLC (Babcock), the engineering support services company, has agreed to acquire UKAEA Ltd (UKAEA) from the United Kingdom Atomic Energy Authority for a cash consideration of £50 million. UKAEA will have cash balances of approximately £12 million on completion. The transaction will complete when customary approvals are obtained.

The UKAEA has a world class reputation in the nuclear market place with over 50 years' experience in nuclear site management, operations and decommissioning and established advisory roles with a number of government organisations in both the UK and overseas. It provides a wide range of services including programme management, decommissioning, waste management, environmental services and technical consulting.

Babcock already has one of the largest specialist nuclear services resources in the UK with well established positions in both the civil and military nuclear operational support and decommissioning markets. This acquisition provides Babcock with its first operational Tier 1 position in the civil nuclear market and a direct relationship with the Nuclear Decommissioning Authority, complementing its existing Tier 1 position in the military nuclear market.

The acquisition represents a significant extension to Babcock's existing nuclear skills by bringing proven capabilities in waste categorisation, decommissioning of high hazard facilities, encapsulation and storage of hazardous materials and transportation of waste, which are applicable to both the civil and military sectors.

In the financial year ended 31 March 2009, UKAEA generated revenue of £32 million. The financial results of UKAEA will be reported as part of the Nuclear division.

Peter Rogers, Chief Executive of Babcock said:
"We are delighted to be able to announce the acquisition of UKAEA. The high level of skills and expertise in UKAEA will further accelerate the growth of our Nuclear business. Babcock has an excellent track record of integrating acquisitions in the nuclear spectrum to deliver high levels of shareholder value. We are confident that with the UKAEA we will continue to build on this success."

Published 18/09/09

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