International legal practice Osborne Clarke has advised science and engineering company QinetiQ Group plc on its £57.5 million acquisition of Meggitt Target Systems from Meggitt, on a cash-free, debt-free basis.
As part of the acquisition, QinetiQ acquires Meggitt Defence Systems Limited from Meggitt plc and Meggitt Holdings Canada Inc. from Meggitt International limited (together “Meggitt Target Systems”).
Part of Meggitt plc, the international aerospace, defence and energy engineering group, Meggitt Target Systems is a world-leading provider of unmanned air, land and surface vehicle targets for live-fire training and weapon system test and evaluation. It provides target systems to approximately 40 countries from its operations in the UK and Canada, and performs on-site target services in 15 of those countries.
Meggitt Target Systems will form part of QinetiQ’s new international business unit and will be reported within QinetiQ’s Global Products division.
The Osborne Clarke team that advised on the transaction was led by Corporate Partner Conrad Davies, who was assisted by Senior Associate Damocles Merry and Associate Oliver Gingell. Blake, Cassels & Graydon LLP, instructed by Osborne Clarke, advised on the Canadian acquisition.