QinetiQ Group plc (LSE:QQ.) completed the acquisition of E.I.S. Aircraft Operations of E.I.S. Group.
October 16, 2018
Share
QinetiQ Group plc (LSE:QQ.) entered into an agreement to acquire E.I.S. Aircraft Operations of E.I.S. Group for €70 million on April 24, 2018. The consideration will be paid on a cash-free, debt-free basis. The deal will be funded from QinetiQ's available cash resources. Post-completion, Aircraft Operations will form part of QinetiQ's International business unit and will be reported within QinetiQ's EMEA Services division. The business generated revenues of €20.1 million, gross assets of €100.2 million and EBITDA of €5.4 million for the year ended December 31, 2017. Following completion, Aircraft Operations will continue to be led by its existing management team. Aircraft Operations team in Germany will be joining QinetiQ. The transaction is subject to certain regulatory and legal approvals and approval from the relevant authorities and is expected to close towards the end of the first half of QinetiQ's 2019 financial year. The deal is expected to enhance QinetiQ's earnings per share in the current financial year.
Stephens Europe acted as financial advisor to QinetiQ. Christoph Brenner, Christoph Rödter, Till Steinvorth, Stefan Schultes-Schnitzlein, André Zimmermann, Christian Schröder, Andrea Köhler, Bernhard Schmaderer, Markus Schmid, Markus Piontek, Louisa Kallhoff and Amelie von Alten of Orrick acted as the legal advisors, Houlihan Lokey Capital, Inc. acted as a financial and Torsten Janßen, Burkhard Völkner and Sabine Holtrup of Ebner Stolz acted as accountants for EQT Partners AB, parent of E.I.S. Group. Ulf Gosejacob, Sabine Schomaker, Maike Schöber and Jacqueline Urbing of Taylor Wessing acted as legal advisors for EQT on financing issues. Christoph Torwegge, Thies Goldner, Alexandra Nautsch, Antje Günther, Daniel Walter, David Plitt, Philipp Raben, Romeo Szejnmann, Theresa Gutsche and Arne Neubauer of Osborne Clarke acted as legal advisors for QinetiQ. Daniel Fisher Owens and John Ordway of Berliner, Corcoran & Rowe, LLP and Jens Knipping, Thomas Wagner and Michael Gilmore of Warth & Klein Grant Thornton GmbH & Co. KG acted as legal advisor for QinetiQ. Houlihan Lokey Capital, Inc. acted as a financial advisor for E.I.S. Group.
QinetiQ Group plc (LSE:QQ.) completed the acquisition of E.I.S. Aircraft Operations of E.I.S. Group on October 17, 2018.
QinetiQ Group plc is a United Kingdom-based integrated global defense and security company. The Company operates through two divisions: Europe, Middle East and Australasia (EMEA) Services and Global Products. EMEA Services division combines its facilities to provide capability generation and assurance, underpinned by long-term contracts. Global Products division delivers technology-based solutions to meet customer requirements. The Company serves sectors, which include defense, financial services, marine, aviation and aerospace, government, space, energy and utilities, law enforcement, and telecommunications. It manages and operates testing and evaluation capabilities for air, land, sea and target systems. The Company also specializes in air threat representation, test and evaluation, unmanned targets, and mission rehearsal. The Company's geographical location includes the United States, the United Kingdom, Australia, Europe and the Rest of the World.