3rd Oct 2005 06:00
Serco Group plcAcquisition of Shares in Joint Venture3 October 2005Serco Group plc ("Serco") today announces that it has purchased EquionLimited's 50% share of Defence Management Holdings Limited ("DMHL"), forconsideration of ‚£5.9m. DMHL was formerly a 50:50 joint venture between Sercoand Equion. DMHL owns Defence Management Watchfield Limited, the specialpurpose company for the Joint Services Command and Staff College ("JSCSC")private finance initiative.The purchase reflects Serco's commitment to long term operating relationshipswith its clients, in this case the Ministry of Defence ("MoD"). Serco and theMoD are creating a long term partnership at the MoD's Shrivenham site, throughboth the JSCSC contract and the recently announced Defence Academy CampusIntegrator contract. Serco's contract to operate the JSCSC runs for a further23 years. - Ends - For further information please contact Serco: +44 (0) 1256 745 900Dominic Cheetham, Corporate Communications DirectorRichard Hollins, Head of Investor RelationsNotes to editorsSerco is a leading international service company, operating in a diverse rangeof sectors, including defence, transport, science, health, home affairs, ITservices, education, and local government. More information can be found at www.serco.com.Serco is the largest defence service contractor in the UK, with over 40 yearsexperience of providing integrated services to complex defence and scientificinstallations.On 5 June 1998 the MoD signed a contract with DMWL to design, build, financeand operate the JSCSC at Shrivenham. It was the first private financeinitiative ("PFI") of its type in the defence sector combining education,estates (including housing), training support services and mess accommodationsupport services. The PFI contract is for 30 years and provides a centre fortraining staff officers of all three armed services.Equion Limited is a wholly owned subsidiary of John Laing Plc, focusing onaccommodation projects. John Laing is one of the UK's leading investors,developers and operators of privately financed, public sector infrastructureprojects such as roads, railways, hospitals and schools. It is the only UKlisted company whose core business is focused entirely upon the development ofPFI/PPP projects and operations.ENDSERCO GROUP PLCRelated Shares:
Serco