UK’s Babcock (BAB) sells its power business to M Group
08:34, 24 December 2021
British engineering services firm Babcock International (BAB) announced on Friday the completion of the sale of its power business to M Group Services for £50m ($67m).
In a press release, the business, which provides engineering services to overhead line electric transmission and distribution industry, said that following the sale, it would form part of Morrison Energy Services, a division of M Group Services.
Its clients include National Grid, Scottish Power Energy Networks and Western Power Distribution.
The company is part of Babcock’s Land sector, which reported total revenues of £70m for the year ended March 2021.
It also reported profit before interest and tax of around £7m.
Babcock chief executive, David Lockwood, commented on the sale of its power business: “I’m delighted that we continue to make real strides in delivering our plan of streamlining the Group. The business is a great fit for M Group Services, and I wish them every success as they continue to grow their operations,” Lockwood said.
Shares in the company were up 0.97% on the London Stock Exchange on Friday morning.