Fri, 19 Jul 2013 | BUSINESS SALE
British defence giant Cobham has moved in on helicopter training company FB Heliservices.
Cobham already owned 50 per cent of the group through a joint venture, but it has now confirmed a deal that will see it take on the remaining 50 per cent from Bristow, giving it control of the whole company at the cost of £74 million.
The cash consideration will be payable upon completion, at which point Cobham will also assume the seller's share of FB Heliservices' debt.
The business has contracts in place across the globe and has a strong reputation for its work having trained Prince Harry and Prince William, along with many other soldiers and police squads.
Bob Murphy, chief executive of Cobham, commented: “This is a business we know extremely well through our long established, joint venture arrangement. It brings a long track record of operating in attractive, specialist outsourcing markets with demonstrable success in winning contracts across the globe.”
FB Heliservices will be folded in to its new owner's aviation branch, which already accommodates a division that services planes. Cobham intends to keep the business going “as usual” and its full acquisition of FB Heliservices will see it continue to operate in the military and government markets in the UK and abroad.
Employees will continue in their current roles and the senior management team is to remain unchanged.
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