Babcock International Group PLC (Babcock International (LSE:BAB)) said it completed the sale of its power business to M Group Services for £50mln in cash.
The unit provides engineering services to the UK overhead line electric transmission and distribution industry. Clients include National Grid, Scottish Power Energy Networks and Western Power Distribution.
It reported revenues of £70mln and profit before interest and tax of £7mln in the year to March 2021.
Following the sale it will become part of M Group division Morrison Energy Services.
The sale is part of Babcock’s plan to streamline its business.