| 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 | |
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| | used by Britain's 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 | |
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| | further into 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 | |
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| | seven 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 | |
|
| | just over a week after
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 | |
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