QinetiQ, a defence technology firm based in Hampshire, has acquired Meggitt Target Systems for £57.5m.
Headquartered in Canada, Meggitt Target Systems is made up of Meggitt Defence Systems Limited and Meggitt Holdings Canada Inc. The firm provides unmanned air, land and surface drone vehicle targets for live-fire training and weapon system testing.
The deal will see QinetiQ pay £57.5m on a cash-free debt-free basis for Meggitt Target Systems, which currently claims to provide target systems to approximately 40 countries from its operations in the UK and Canada.
Steve Wadey, QinetiQ CEO, commented: “This acquisition accelerates the delivery of our strategic priorities to drive growth of our core capabilities in international markets, and to modernise and strengthen our ability to deliver world-class test and evaluation services.”
Meggitt Target Systems will form part of QinetiQ’s international business unit, and it is hoped its global position will open up new routes to foreign markets and accelerate QinetiQ’s international growth.
“Meggitt Target Systems is a distinctive business with a strong management team and employees in Canada and the UK who are experts in the development and delivery of unmanned target systems and services. We know the business well, having worked together for the past decade, and I am delighted to welcome the team to QinetiQ,” Wadey concluded.