Babcock International Group, an aerospace, defense, and security company, has agreed to sell its fully-owned subsidiary Frazer-Nash Consultancy to KBR for £293 million.

Based in the UK, Frazer-Nash Consultancy provides engineering and technology solutions across a variety of critical national infrastructure.

Acquired by Babcock International in 2007, the systems, engineering, and technology consultancy employs nearly 900 people. Frazer-Nash Consultancy has a network of nine UK and four Australian locations.

According to Babcock International, the sale is part of its targeted disposal program, which aims to generate proceeds of at least £400 million in the coming 12 months.

The company will use proceeds from the sale of Frazer-Nash Consultancy for reducing net debt.

David Lockwood — Babcock International CEO said: “We are making real progress on our plan to streamline and focus the group on our key markets.  Divesting at least £400 million of businesses in our targeted disposals programme will enable us to reduce complexity and increase our focus as we return Babcock to strength.

“Frazer-Nash Consultancy is a good fit for KBR, and I wish them every success in growing the business further.”

A part of Babcock International’s marine sector, Frazer-Nash Consultancy earned £100.5 million in revenues for the year ended 31 March 2021.

The closing of the deal is subject to approval from the Australian foreign investment authority.

  Australia, Babcock International Group, David Lockwood, Frazer-Nash Consultancy, KBR, United Kingdom