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Electronics Production | May 14, 2009

QinetiQ sells underwater business

QinetiQ Group plc has reached an agreement to sell its underwater systems business based in Winfrith, Dorset UK to Atlas Elektronik UK for a cash consideration of £23.5m.

The transaction is in line with QinetiQ’s strategy to dispose of certain non-core assets within its EMEA business and reallocate capital into higher growth investments. As is normal with such transactions in the UK defence market, the agreement is subject to regulatory approval and is expected to complete this summer.
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