Engineering giant Babcock has finalised the £95m disposal of its 15.4 per cent stake in air transport firm AirTanker.
A joint venture between Airbus, Thales and Rolls-Royce, AirTanker owns its 14 A330 Voyager planes, which uses for air-to-refuelling services for the UK Ministry of Defence. The company, part of Babcock’s aviation sector and accounted as an associate, in March had £2.7bn worth of gross assets.
AirTanker’s sale is the fourth disposal carried out by Babcock as part of its targeted disposal programme, which has generated to date £448m.
Despite the move, the engineering firm will maintain a 23.5 per cent share in AirTanker Services, the company that operates the aircraft.