30th Jun 2014 12:52
LONDON (Alliance News) - Babcock International Group PLC Monday said its newly acquired subsidiary Avincis has completed the acquisition of an 84.6% stake in Scandinavian AirAmbulance Holding AB for SEK206 million, plus the assumption SEK484 million of net debt.
Completion of the deal comes after Scandinavian Air Ambulance in March said that it was to join the Avincis group.
Scandinavian AirAmbulance provides emergency medical services in Sweden and Finland. It expects to report SEK482 million in revenue for the financial year ended April 30.
Babcock completed its own acquisition of Avincis, a provider of helicopter and fixed wing services, from Investindustrial and Kohlberg Kravis Roberts & Co in May. The deal was funded through a GBP1.10 billion rights issue. Babcock paid GBP920.0 million in cash and assumed GBP705.0 million in net debt.
Babcock shares were Monday quoted at 1,163 pence, up 0.4%.
By Samuel Agini; [email protected]; @samuelagini
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