Fri, 29 Jun 2012 | BUSINESS SALE
The Serco Group has completed the sale of its Technical Services (TS) business to AMEC, it has been confirmed.
The transaction took place for a cash consideration of £137 million and forms part of Serco's strategy to proactively manage its contract portfolio.
TS had been expected to achieve limited future revenue growth if it remained under Serco's ownership, largely due to the highly competitive condition of the market, where the civil market and new nuclear power stations is leading.
The business offers consulting and project solutions to the civil and nuclear defence markets, with around 600 employees, the majority of whom are nuclear qualified and experienced. However, its diverse customer base is likely to benefit from new management to make the best of its prospects.
Christopher Hyman, chief executive of Serco Group, said: "We will continue to serve the defence and science sectors, notably AWE and the National Nuclear and National Physical laboratories, as well as developing our proposition in energy management services."
In the year to the end of 2011, the financial results for TS showed around £70 million of revenue and £13 million of adjusted operating profit. Meanwhile, the provisional value of net assets being disposed of is approximately £75 million, which includes a goodwill value of £64 million.
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