Qinetiq offloads non-core US asset to V2X as part of restructuring
Qinetiq Group PLC on Tuesday said it has agreed to sell its Federal IT Services business to V2X Inc for $31 million as part of its US restructuring programme.
The Hampshire, England-based defence technology group said the sale price of the business, which consists of data and cyber services, represented around 1 times revenue.
McLean, Virginia-based V2X provides services across operations and logistics, aerospace, training, and technology sectors. It was formed by the 2022 merger of Vectrus Inc and Vertex Co.
Qinetiq said it expects the deal to be completed before the end of September.
The FTSE 250 listing said proceeds from the sale will support the ongoing buyback programme and reduce net debt.
‘This disposal also reinforces the clear focus of our renewed US growth strategy on four core market segments, where we see increasing demand and have differentiated capability; maritime systems, advanced sensors, space and missile defence mission support and persistent surveillance. Each of these market segments has good long-term growth potential and together represent the majority of our revenue in the US,’ the company said in a statement.
Shares in Qinetiq were down 0.1% at 482.40 pence each in London on Tuesday morning.
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