Babcock completes sale of VT Services

Babcock, the FTSE-100 engineering support firm, has completed the previously announced sale of VT Services, the group's US defence business to VT Holdings, a special purpose vehicle.

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Babcock, the FTSE-100 engineering support firm, has completed the previously announced sale of VT Services, the group's US defence business to VT Holdings, a special purpose vehicle.

The disposal was made for a cash consideration of $98.75m (around £61m).

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The net proceeds of the disposal will be used to reduce the group's total net debt position.

Babcock's share price fell 1.59% to 868.50p by 12:03.

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