Babcock To Buy Remaining 50% Stake In Australian JV For A$60 Mln

Babcock International Group Plc (BAB.L) a British aerospace, defense, and nuclear engineering services provider, said on Tuesday that it has inked a deal to acquire the remaining 50 percent interest in its Australian Naval Ship Management or NSM joint venture or JV, from its partner in Australia, for a consideration of A$60 million, or around 32 million pounds.

Founded in 2012, the NSM JV is aimed at to maintain of the Royal Australian Navy's ANZAC class frigates. However, today the business has evolved into a strategic maritime sustainment partner to Australia.

For the year to March 31, 2021, NSM reported A$254 million in revenues.

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