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| Balfour Beatty sells its interest in Devonport Management Ltd Balfour Beatty, the international engineering, construction, services and investment group, has agreed to sell its 24.5% interest in Devonport Management Ltd (DML) to Babcock International plc (Babcock) for a cash consideration of approximately £86 million. DML was established in 1987 to run Devonport Royal Dockyard, which it then acquired in 1997. It offers a complete range of design, build and support solutions across both the defence and commercial sectors, including nuclear submarine refit, refueling and maintenance. The other shareholders in DML, who are also selling their interests to Babcock, are KBR (51%) and the Weir Group (24.5%). The transaction is conditional upon the approval of the Ministry of Defence and the shareholders of Babcock. It is anticipated that the transaction will be completed within approximately 60 days. write your comments about the article :: © 2007 Construction News :: home page |