CMS Cameron McKenna LLP has advised VT Group plc on its acquisition of nuclear services specialist British Nuclear Group Project Services Limited (“Project Services”) in a deal that is expected to complete early next year. The initial agreement to acquire Project Services from British Nuclear Group Limited, a subsidiary of British Nuclear Fuels plc was signed today.
The acquisition is scheduled to complete next month for an initial consideration of £45 million. There is also an earn out based on Project Services’ profitability for the year ending 31 March 2008, with an additional payment of up to £30 million, giving maximum total consideration of up to £75 million.
VT Group is a major support services and shipbuilding company. It supplies products and services to governments, government agencies and businesses worldwide. VT Group employs over 14,000 people and has a turnover of approximately £1 billion.
Project Services is the specialist nuclear decommissioning business, owned previously by British Nuclear Fuels (BNFL). Project Services operates in the UK, Continental and Eastern Europe and Japan, and employs over 730 skilled decommissioning experts.
The CMS Cameron McKenna team was led by Corporate Partner, Jason Zemmel. He was assisted by Jonathan Lisle and Jayne Brown. Trevor Butcher led the nuclear team at CMS Cameron McKenna.
Jason Zemmel commented on the transaction, “We are delighted to support our client VT Group in this acquisition, which further supports the excellent and close relationship which we have with this exciting and developing group. The transaction enabled us to use our extensive experience in the energy and nuclear decommissioning sector and reflects our commitment to support our clients in relation to their industries and their corporate focus.”
CMS Cameron McKenna is one of the major participants on VT Group’s legal panel and has acted for the group for over 15 years. CMS Cameron McKenna also advised VT Group on its acquisition in 2006 of the vehicle support division from the RAC Group for £87 million.
Martin Nelson-Jones from Freshfields Bruckhaus Deringer advised BNFL.
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