BAE Systems has acquired VT Group’s 45 per cent shareholding in BVT Surface Fleet (BVT) for a cash consideration of £346m.
BVT is now wholly owned by BAE Systems and will be renamed BAE Systems Surface Ships Limited.
Nigel Whitehead, BAE Systems’ group managing director, Programmes and Support, said: ‘Bringing BVT into full ownership of BAE Systems further strengthens our global maritime business and is consistent with our strategy to establish a sustainable and profitable business in air, land and sea.
‘Surface Ships has a solid order book, a clear strategy to transform the UK maritime sector and a commitment to deliver existing and future programmes.’
He added: ‘Our 15-year Terms of Business Agreement with the UK Ministry of Defence will sustain key industry capabilities in the UK and provides a strong platform on which to build future domestic and international business.’
Paul Lester , VT Group chief executive, said: ‘This marks the completion of our transition to a pure support services company and we are well positioned to grow the business both organically and through acquisition using the resources from the sale of our shareholding in BVT.’
Glasgow trial explores AR cues for autonomous road safety
They've ploughed into a few vulnerable road users in the past. Making that less likely will make it spectacularly easy to stop the traffic for...