BAE Systems has acquired VT Group’s 45 per cent shareholding in BVT Surface Fleet for a cash consideration of £346m.
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.’