Defence and aerospace giant Babcock International Group Plc has announced plans to buy up its Australian naval joint venture for £32m.
The group, which operates the huge dockyards at Devonport in Plymouth and Rosyth in Scotland, has entered into a sales and purchase agreement to acquire the remaining 50% interest in its Australian Naval Ship Management (NSM) joint venture from its long-term joint venture partner in Australia.
The FTSE250 company is expecting to pay AUD60m (about £32m), in an acquisition subject to customary approvals. The NSM joint venture was established in 2012 to maintain the Royal Australian Navy's ANZAC class frigates.
