US Equity House Buys Stake in the UK Defence Research Agency

The Birmingham Post (England), December 6, 2002 | Go to article overview

US Equity House Buys Stake in the UK Defence Research Agency


Staff at the Malvern base of QinetiQ yesterday heard they will receive a share windfall from the sale of just over a third of the defence research business to US private equity house Carlyle Group.

Carlyle is paying the Ministry of Defence pounds 140 million for a 33.8 per cent stake in the former Defence Evaluation and Research Agency, valuing the company at around pounds 500 million.

The MOD retains a 62.5 per cent stake and QinetiQ's 9,500 staff will be offered 3.7 per cent, via pounds 40 of free preference and ordinary shares and share options. The US firm also promised not to change employees pay and conditions.

The plan is to sell the MOD's remaining holding in a stock market flotation within the next three to five years, so that the ordinary shares have a monetary value.

But the MOD will retain a 'special share' in the company, allowing it to safeguard the national interest by preventing QinetiQ's research from being shared with other defence companies in which Carlyle has an interest.

The QinetiQ holding will be in a separate Carlyle Group fund which has no other defence asset, said official sources.

Even after the sale of its remaining stake, the MOD will retain the power to impose 'swingeing penalties' on QinetiQ - including compensation payments and dismissal of senior staff - if it acts against the national interest, MOD officials said. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

US Equity House Buys Stake in the UK Defence Research Agency
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.