Sale of OptaSense to Luna
QinetiQ today announces it has reached an agreement to sell OptaSense Holdings Ltd ("OptaSense") to Luna Innovations Inc. (“Luna”) for a cash consideration of £29m.
QinetiQ created OptaSense in 2008 and it has become a global leader in distributed fibre optic sensing solutions, delivering decision-ready data in multiple vertical markets, including pipelines, oil and gas, border and perimeter security, transportation, and power and utilities. In the year ended 31 March 2020 OptaSense generated revenue of £24.2m and has been reported within Global Products.
The decision to divest OptaSense has been a strategic choice to allow increased focus on our core capabilities.
Steve Wadey, QinetiQ CEO, said:
“Our vision-based strategy to drive growth through mission-led innovation means that we continually review our portfolio of businesses for their strategic contribution within the Group. We are therefore delighted to have announced the sale of OptaSense to Luna, who can provide greater synergies and relevant market access to enable its future growth.”
OptaSense was classified as held for sale in our Interim Results, therefore the disposal of OptaSense does not change our full year guidance provided on 12 November 2020.
Duff & Phelps Securities acted as exclusive financial advisor to QinetiQ.
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