LONDON (dpa-AFX) - QinetiQ Group plc (QQ.L), on Monday, announced an agreement to acquire Air Affairs Pty Ltd in Australia for a cash consideration of A$53 million. Also, QinetiQ said it has agreed to to sell QinetiQ Space NV in Belgium to Redwire Space Europe for a cash consideration of €32 million.
QinetiQ has set out a clear strategy to focus on its six distinctive offerings and align its capital deployment to its three home countries: US, UK and Australia.
Following the announcement in August of the acquisition of Avantus in the US, the two transactions announced today further demonstrate the company's 'strategy and capital allocation policy in action: the proceeds from a non-core asset releases capital to reinvest in a more strategically aligned business to support and drive our continued focus to build an integrated global defence and security company, delivering growth and good shareholder returns.'
Steve Wadey, Group Chief Executive Officer of QinetiQ, said, 'Following our announcement to acquire Avantus in the US in August, the acquisition of Air Affairs in Australia is a further exciting opportunity to accelerate our growth and reinforces our market leading position in test and evaluation, and air threat representation globally. Today's acquisition and disposal announcement reinforces the focus of our growth strategy on our six distinctive offerings in our three home countries, delivering mission critical solutions for our customers.'
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