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QinetiQ Announces Acquisition Of MTEQ - Quick Facts

QinetiQ Group plc (QQ.L) has agreed to acquire Manufacturing Techniques Inc. for $105 million in cash, and an earn-out of up to $20 million payable in cash and shares. MTEQ is a US provider of advanced sensing solutions. In the 12 months to 31 August 2019, MTEQ generated $167.4 million of revenue.

MTEQ has 360 employees in Virginia. It supports US Army in a number of its modernisation priority programmes.

Steve Wadey, QinetiQ CEO, said: "The acquisition of MTEQ is a significant step towards achieving our ambition to build an integrated global defence and security company, more than doubling the size of our operations in the largest defence and security market in the world."

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