Morson Group To Buy Acetech Personnel Business, Assets For GBP2.35M

12th Jul 2010 08:04

LONDON (Dow Jones)--Morson Group PLC (MRN.LN), a U.K. provider of technical engineering personnel and project design solutions, said Monday it has reached agreement to buy the business, contracts and fixed assets of Acetech Personnel Ltd., for GBP2.35 million in cash from Babcock International Group PLC (BAB.LN). MAIN FACTS: -Effective date of the transfer is July 9. -Acetech is a wholly owned subsidiary of the Babcock International and provides recruitment and workforce services, on a preferred supplier basis, to Babcock's U.K. Marine and Rail businesses. -Contracts have been agreed with Babcock for a minimum five year term for the continuation of supply of contractors. -Acquisition involves the transfer of eighteen staff to the Morson Group. -The assets acquired include the recruitment database, fixtures and assets used in the business operations of Acetech. Trade debtors are not being acquired. -Consideration for the acquisition is being met entirely from the Group's existing facilities. -Morson shares closed Friday at 91 pence valuing the company at GBP41.26 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires July 12, 2010 03:04 ET (07:04 GMT)