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Birmingham Post
Birmingham Post
Business
William Telford

Babcock nets £95m from sale of aviation firm share

Babcock Devonport

Defence and engineering giant Babcock International Group Plc has completed the sale of its stake in an aviation services company netting it £95m.

Babcock, which operates the huge dockyards at Devonport in Plymouth and Rosyth in Scotland, has offloaded its 15.4% stake in AirTanker Holdings Ltd to global investor and fund manager Equitix Investment Management Ltd.

The deal brought in a total of £126m but Babcock has had to repay £31.1m of shareholder loans, which were included in the company’s net debt.

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