Babcock buys UK nuclear assets

18th Sep 2009 13:47

Engineering support services firm Babcock International has agreed to buy UKAEA, the UK Atomic Energy Authority’s commercial arm, for £50m in cash. Business Secretary Peter Mandelson said the disposal generates good value for the tax payer.'Today's announcement is good news for UKAEA and its employees. The sale will allow the company, as part of Babcock International, to continue its development and take advantage of new opportunities in the nuclear industry,’ he added.UKAEA employs around 230 people and provides programme management, decommissioning, waste management, environmental services and technical consulting. The transaction will complete when customary approvals are obtained.‘Babcock has an excellent track record of integrating acquisitions in the nuclear spectrum to deliver high levels of shareholder value. We are confident that with the UKAEA we will continue to build on this success,' said chief executive Peter Rogers.The UK Atomic Energy Authority announced in March that it was seeking a buyer for UKAEA.