Completion of Acquisition

RNS Number : 3454H

Babcock International Group PLC

16 May 2014

 



BABCOCK INTERNATIONAL GROUP PLC ("BABCOCK")

16 May 2014

Completion of Acquisition

Babcock is pleased to announce that it has today completed the acquisition of Avincis.

Avincis is a leading provider of helicopter and fixed wing services in mission critical operations such as medical, search and rescue, fire-fighting and civil protection in Europe and a leading supplier of critical offshore crew-change helicopter services to the oil and gas industry in the UK sector of the North Sea, with a clear ambition to expand its operations in the growing Norwegian and Australian offshore oil and gas markets.

As stated at the time of announcement of the Acquisition, the Board considers that the Acquisition will create a strong platform for future growth and enhance value for shareholders, employees and customers.

 Peter Rogers, Chief Executive of Babcock, said:

"The acquisition of Avincis meets Babcock's strategic objectives as it brings into the Babcock Group a market-leading business, delivering mission critical services and complex engineering support to blue-chip customers in multiple geographies. Avincis already has a strong growth platform and its combination with Babcock will generate even greater expansion opportunities and value creation for Babcock's shareholders."

-ends-

For further information please contact:

Babcock International Group PLC

[phone]

Terri Wright, Head of Investor Relations

J.P. Morgan Cazenove

[phone]

Andrew Truscott

Greg Chamberlain

Christopher Dickinson

Jefferies International Limited

[phone]

Antonia Rowan

Paul Nicholls

Lee Morton

FTI Consulting

[phone]

Richard Mountain

 

END

 

 

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