VT Acquires Merlin Communications

Tuesday, December 11, 2001
Vosper Thornycroft (VT) announces that it has agreed to acquire Merlin for approximately $136 million USD ($94 million GBP). Merlin’s principal business is the facilities management of communications operations, primarily for the BBC in relation to the BBC World Service and for the Ministry of Defense (MOD). It also operates a global short wave and medium wave transmission network. Merlin will complement and extend VT’s existing skills and experience in the provision of technical services and is and important step towards VT’s target to more than double turnover from its support services business over the next 3 financial years. For the year ended March 31, 2001, Merlin reported operating profit, excluding a business to be discontinued, of $7.2 million on turnover of $74.6 million. Merlin is being acquired with sufficient cash balances to fund the expected closure or disposal costs of the business to be discontinued Merlin has recently signed a number of new contracts including the 280 m Submarine Fleet communications Service PFI and the $34 million contract to replace the BBC World Service transmitter relay station in Oman. The consideration of approximately $95 million is being satisfied by a combination of cash, loan notes and the issue of up to $1.38 million new ordinary shares in VT. Acquisitions are expected to be completed by November 30, 2001. Application will be made to the UK listing Authority for up to $1.38 million new ordinary shares in VT to be admitted to the Official list and application will be made to the London Stock Exchange.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Raytheon Anschütz Succeeds in SYNTACS SAT

Raytheon Anschütz, a leading integrator of naval integrated bridge systems, has successfully completed the Sea Acceptance Test (SAT) for the Synapsis Tactical Command

IMMA App Offers Access to Maritime Medical Stores

Deteriorating seafarer health and poorly-stocked onboard medical chests are major issues concerning maritime medical practitioners, which is why the International

Available: 300 Free Systems; Wanted: 300 Ships

Which will be the first 300 ships in the world to test and validate Sea Traffic Management (STM) with updated systems free-of-charge?   As the shipping domain


DP World, SCA Pact for Ain Sokhna Port Development

Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport,

Canada to Aid Developing Nations Fight Climate Change

Canada will provide aid to developing countries to combat climate change, Prime Minister Justin Trudeau announced on Friday ahead of talks on global warming,

Gates to Launch Mega Clean Tech Initiative

Microsoft co-founder Bill Gates will launch a multi-billion-dollar clean energy research and development initiative on Monday, the opening day of the U.N. climate change summit in Paris,

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0770 sec (13 req/sec)