Proactive Investors - Run By Investors For Investors

QinetiQ acquires Germany-based airborne training provider

The science and engineering company said the acquisition would accelerate its international growth strategy and establish a test and evaluation and engineering services capability in Germany
Fighter aircraft
E.I.S. Aircraft Operations generated €20.1mln in revenue last year

QinetiQ Group PLC (LON:QQ.) said it has agreed to acquire Germany-based provider of airborne training services E.I.S. Aircraft Operations for €70mln on a cash-free, debt-free basis.

The FTSE 250-listed science and engineering company said the acquisition would accelerate its international growth strategy and establish a test and evaluation and engineering services capability in Germany.

READ: QinetiQ to stop making pension top-up contributions

QinetiQ added that its capability integration, threat representation and operational readiness offering would also be strengthened by the acquisition.

Steve Wadey, QinetiQ chief executive, said: "E.I.S Aircraft Operations is a high growth business which provides airborne training at a disruptively low price. This acquisition supports our strategy for international growth by providing access to the European defence market and enhancing our ability to deliver capability integration, threat representation and operational readiness for customers."

E.I.S. Aircraft Operations generated €20.1mln in revenue in the year ended 31 December 2017, with underlying earnings of €5.4mln.

View full QQ. profile View Profile

QinetiQ Timeline

Related Articles

Kazakhstan
November 20 2018
Borko Moric will succeed Parilla as chief executive officer. Bojan Moric will become the company's chief operations officer

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use