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UK's Serco to buy QinetiQ's US business for $292 million

By Reuters News

Nov 12 (Reuters) - British outsourcing group Serco SRP.L said on Thursday it would buy the US business of defence technology company QinetiQ QQ.L for $292 million, expanding its presence in the world's biggest defence market.

  • The acquisition will be funded via existing cash and committed debt facilities, Serco said

  • Serco expects the acquisition to be accretive to underlying earnings per share in 2028, the first full year of ownership

  • QinetiQ's US business provides engineering, technology and mission-support services to US defence and national security agencies

  • QinetiQ posted a 12% rise in adjusted pretax profit to £114.4 million ($151.66 million) for the first half of the year and kept its annual forecast unchanged

  • It said the divestment would create a "stronger focused company"

($1 = 0.7543 pounds)

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