Babcock To Purchase Rival VT Group For £1.3B

Law360, New York (March 23, 2010, 6:06 PM EDT) -- Babcock International Group PLC, a U.K.-based engineering services company serving the nuclear energy and defense industries, has reached a deal to buy rival VT Group PLC for £1.3 billion ($2 billion), the companies announced Tuesday.

The purchase price represents a 42 percent premium to the average closing price of 527 pence per VT share for the one-month trading period leading up to Feb. 12, when Babcock's potential offer became public, the companies said in a joint statement.

The acquisition will include a mix-and-match facility that will...
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