LONDON - QinetiQ US Holdings Inc., an indirect subsidiary of QinetiQ Group plc, has entered into a conditional agreement to sell the QinetiQ Group's US Services division (excluding Cyveillance) to The SI Organization, Inc. for an initial cash consideration of $165 million plus a potential earnout of up to$50 million in cash, following a market testing exercise that attracted a number of interested parties.
"Our strategic review concluded that the sale of the US Services division represents the best route to maximise value for our shareholders from these assets, while retaining a significant footprint in North America for the Group through our Global Products division and Cyveillance business," Leo Quinn, the Group's Chief Executive said. "QinetiQ will be a stronger, more focused Group. With its high quality 'Core' businesses in defence and security and its growth opportunities, particularly in new sectors and markets, QinetiQ will be better positioned to deliver rising sustainable earnings from its Organic-Plus strategy.
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