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Babcock Sells Context Information Security To Accenture For £107 Mln; Stock Dips

Shares of Babcock International Group plc (BAB.L) were losing around 3 percent after the aerospace and defence company said Friday that it has sold Context Information Security, a cyber defence consultancy, to Professional services company Accenture Plc (ACN) for a cash consideration of 107 million pounds.

London-based Context provides high-end cyber defense across a range of industries including financial services, government, aerospace and defence and critical infrastructure. It employs over 250 people across the UK, Germany, USA and Australia.

Babcock said the deal continues its strategy of streamlining portfolio by realising value from businesses outside its core strategy.

In a statement, Accenture said the acquisition strengthens Accenture Security's existing portfolio and becomes part of Accenture's cyber defense offerings. The addition of Context's more than 250 employees will further deepen Accenture Security's services to clients.

Kelly Bissell, a senior managing director at Accenture, who leads Accenture Security, said, "The deal signals continued aggressive growth for Accenture Security and gives us a new branch of talented family members to help clients grow their business with confidence and resilience."

Earlier in January, Accenture agreed to acquire Symantec's Cyber Security Services business.

In London, Babcock shares were trading at 415 pence, down 2.95 percent.

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