24th Dec 2021 07:34
(Alliance News) - Babcock International Group PLC on Friday said it has completed the sale of its Power business to M Group Services for GBP50 million in cash.
The London-based aerospace, defence and nuclear engineering services company said the Power business provides engineering services in the UK overhead line electric transmission and distribution industry and is part of its Land sector.
The Power unit counts clients such as National Grid PLC, Scottish Power Energy Networks and Western Power Distribution.
"I'm delighted that we continue to make real strides in delivering our plan of streamlining the group. The business is a great fit for M Group Services, and I wish them every success as they continue to grow their operations," said Chief Executive David Lockwood.
The move forms part of Lockwood's plan to simplify Babcock's structure and improve the company's environmental, social and corporate governance.
By Lucy Heming; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
BabcockNational Grid