This article is included in these additional categories: Britain/U.K. | Corporate Financials | Issues - Political | Legal | Official Reports | Partnerships & Consortia
QinetiQ: The Men With the Golden IPO (updated)
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By 2005, QinetiQ (pron. “kinetic”) was a vital UK defense research firm whose owners included the British government and The Carlyle Group. This was a transformation from its previous role as part of Britain’s DERA government research agency, but relations remain close and the firm is involved with a wide variety of UK defense projects. DID has covered a number of projects in which QinetiQ has been involved. As a second step in line with the UK’s 1998 Strategic Review that pressed for the movement of defense research to the private sector, QinetiQ announced on January 12, 2006 that it was headed for an IPO. Each of the current owners would sell a part of their holding in connection with the Global Offer, which was originally expected to raise gross primary proceeds of about GBP 150 million for the MoD, plus significant secondary proceeds from the sales by the MOD and the Carlyle shareholders. The IPO ended up raising over GBP 600 million from a partial sale of shares, but now a recent NAO report concerning has ignited sharp political controversy… The History Different Q(click for gadgets list) Since 2002, QinetiQ Group had been co-owned by Carlyle Group, when the […]
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