QinetiQ Sells Underwater Systems Division to Atlas
Atlas Elektronik’s UK ubsidiary has reached an agreement to buy QinetiQ (pron. “kinetic”) Group plc’s underwater systems business based in Winfrith, Dorset, for a cash consideration of GBP 23.5m (EUR 26.5/ $40.2 million equivalent). That business has about 220 employees, and operates in the areas of hydro-acoustics, sonar, open architecture sonar and combat management systems, acoustic counter measures, submarine signatures, maritime security and control of unmanned maritime vehicles. Anthem Corporate Finance acted as Atlas’ sole financial adviser.
The parent firm Atlas Elektronik GmbH is now jointly owned by ThyssenKrupp and EADS. QinetiQ is a privatized government defense research organization, and regulatory approval is a normal requirement in these cases. In this case, it may be accompanied by debates about national industrial capabilities, per Britain’s still in draft Defence Industrial Strategy. The firms in question say that approvals are expected to finish in summer 2009.