U.K.-headquartered QinetiQ Group plc (QQ.L), an integrated global defence and security company on Tuesday announced that as part of its U.S. restructuring programme, it has reached an agreement to sell its non-core Federal IT Services business.
The non-core business consisting of data and cyber services is being sold to V2X for an EV consideration of $31 million, representing approximately 1x revenue.
The transaction is expected to complete before the end of September.
The proceeds from the sale of the non-core asset would support the company's ongoing buyback programme and reduce net debt.
The disposal reinforces the clear focus of the company's renewed U.S. growth strategy on four core market segments i.e., maritime systems, advanced sensors, space and missile defence mission support and persistent surveillance.
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