September 24, 2009
Britain's VT Group exits shipbuilding
Britain's VT Group plc says it has signed a legally binding agreement with BAE Systems plc on the disposal of its 45 percent. shareholding in BVT Surface Fleet Limited, the shipbuilding and naval support joint venture between BAE and VT, for cash consideration of GBP 346 million.
VT has also agreed to inject GBP 43 million of capital into BVT on completion of the transaction, so the cash proceeds to be received by VT on the disposal of its shareholding in BVT will be GBP 303 million. In addition, VT will, at completion, settle GBP 4.7m of ordinary course inter company balances with BVT.
This marks the final exit from shipbuilding of the company once known as Vosper Thornycroft.
To see what Vosper Thornycroft once was, click HERE