NEUILLY-SUR-SEINE (dpa-AFX) - Babcock (BAB.L) has agreed with Equitix Investment Management Limited for the sale of 15.4% shareholding in AirTanker Holdings Limited for 126 million pounds. Babcock retains its 23.5% shareholding in AirTanker Services Limited.
Babcock said the sale is part of its ongoing targeted disposal programme, which aims to generate at least 400 million pounds of proceeds. Proceeds from the deal will be used to reduce net debt.
AirTanker Holdings is an asset joint venture with Airbus, Thales and Rolls-Royce. It supports air-to-air refuelling, air transport and ancillary services for UK Ministry of Defence.
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