Lester Aldridge has successfully advised Meggitt PLC on the UK property aspects of Meggitt’s recent deal with QinetiQ Group PLC. The transaction between the two FTSE 250 listed companies saw Meggitt Target Systems sold to QinetiQ for a total of £57.5 million in cash on a debt-free basis.
Meggitt Target Systems is based in both the UK and Canada, and the transaction which completed in December is expected to allow Meggitt to focus upon its core markets. Meggitt is currently recognised internationally for its work in components for aerospace, defence and energy markets.
Lester Aldridge’s team was led by Bournemouth-based Real Estate partner Mark Benham, who commented: “Meggitt is a long-standing client for Lester Aldridge. We have advised Meggitt on, and continue to deal with, a considerable number of industrial sites and we were pleased to be able to assist in the completion of this transaction prior to Christmas.”