Agreement to acquire EIS Aircraft operations
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QinetiQ Group has entered into an agreement to acquire E.I.S. Aircraft Operations, currently part of E.I.S. Aircraft Group, for €70 million on a cash-free, debt-free basis.
Aircraft Operations is a provider of airborne training services based in Germany, delivering threat representation and operational readiness for military customers. It generated €20.1m revenue and €5.4m EBITDA in the year to 31 December 2017. It has been the exclusive provider of low-speed aerial training services to the German armed forces since 1999, and delivers aerial training services to the United States Air force in Europe.
Steve Wadey, QinetiQ CEO, said: "E.I.S. Aircraft Operations is a high growth business which provides airborne training at a disruptively low price. This acquisition supports our strategy for international growth by providing access to the European defence market and enhancing our ability to deliver capability integration, threat representation and operational readiness for customers. We look forward to welcoming the Aircraft Operations team in Germany to QinetiQ and working with them to continue to grow the business both within their existing markets and beyond."
Following completion, Aircraft Operations will continue to be led by its existing management team. It will form part of QinetiQ's International business unit and will be reported within QinetiQ's EMEA Services division.
