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21 Dec 2016

Stephenson Harwood advises Meggitt on disposal of Meggitt Target Systems to QinetiQ

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Law firm Stephenson Harwood LLP has advised FTSE 250 listed Meggitt PLC in relation to its sale of Meggitt Defence Systems Limited and Meggitt Holdings Canada Inc. (together, Meggitt Target Systems) to QinetiQ Group plc for a consideration of £57.5 million.

In relation to the transaction, Meggitt PLC has agreed with the trustee of the Meggitt Pension Plan that it will pay a deficit reducing £10.2 million of sale proceeds into the Plan.

Meggitt PLC is a global engineering group specialising in high performance components and smart sub-systems for the aerospace, defence and energy markets. Meggitt Target Systems is a leading international provider of unmanned aerial, naval and land-based target systems and services for test and evaluation, and operational training and rehearsal. From its operations in the UK and Canada, it provides target systems to around 40 countries. It will form part of QinetiQ’s new International business unit and will be reported within QinetiQ’s Global Products division.

QinetiQ is a leading science and engineering company operating primarily in the defence, security and aerospace markets.

The Stephenson Harwood team was led by corporate partner Duncan Stiles and senior associate Rob Gray, who were assisted by corporate associates Tom Finden and Charlotte Lewis, tax partner John Meehan and associate Kate Worthington, pensions partner Mark Catchpole and associate Naeem Noor, employment partner Paul Reeves, and incentives partner Barbara Allen and senior associate Anika Chandra.

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