Babcock acquires atomic agency

Babcock International,the Defence and energy support services firm, has completed the acquisition of the commercial arm of the UK Atomic Energy Authority (UKAEA) for around £50 million.

UKAEA Limited, which represents a major slice of the country's nuclear expertise, oversees nuclear clean-up work at three sites in the UK and offers consultancy services in international markets. It employs around 230 people.

Babcock chief executive, Peter Rogers, said: "We are delighted to announce the completion of the acquisition of UKAEA. With a world class reputation in the nuclear market place and more than 50 years' experience, UKAEA operates in nuclear site management, operations and decommissioning and it has a number of established advisory roles.”

Lord Mandelson, Secretary of State for Business, said: "This is a win, win, win result...It gives UKAEA a strong partner, generates good value for the tax payer and allows the Nuclear Decommissioning Authority to enjoy a broader array of nuclear decommissioning expertise."