| BAE Systems to acquire Detica Group for £531m |
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| | Europe's biggest defence
contractor, BAE Systems,
is to acquire data
security company Detica
Group, enhancing its
position to target the
growing homeland
security markets in
Britain and the United
States. The deal is
worth £531m (US$1.05bn).
Detica's board has
accepted the 440 pence
(US$8.76) per share
offer. The deal comes
just over a week after | |
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| | defence ministry, London
police and customs
officials on
anti-terrorism projects.
Anti-fraud products are
used by several British
government departments
and banks including HSBC
and HBOS.
Work for governments
in Britain and America
accounts for just over
60% of Detica's
revenues. Under the
ownership of BAE, it
will expand further into | |
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| | the US.
Detica's value was
enhanced earlier this
year when it was
included in the Trusted
Borders consortium, led
by Raytheon Systems, the
US defence group, which
won the contract for the
next phase of the UK
government's e-borders
programme.
Detica chief
executive Tom Black, who
owns 4.79% of the
company, is one of seven | |
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| | directors to collect a
cash windfall from the
takeover. His shares are
valued at £24.5m under
the deal. He will stay
on at Detica when it is
folded into BAE. It is
not yet clear how many
of the other directors
will remain.
The deal is subject
to approval by Detica
shareholders, but the
transaction is expected
to be completed later
this year. | |
|
| | the companies confirmed
that they had entered
talks to discuss a
potential offer.
Detica specialises in
data protection work for
government bodies and
the private sector. Its
software and data
handling capability is
used by Britain's | |
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