QinetiQ to buy training firm Air Affairs Australia
UK-based defence contractor QinetiQ Group has agreed to acquire military training company Air Affairs Australia (AAA) for GBP31 million (USD34.8 million), expanding its...
Air Affairs Australia's products include the catapult-launched Phoenix Jet target drone. (Air Affairs Australia)
UK-based defence contractor QinetiQ Group has agreed to acquire military training company Air Affairs Australia (AAA) for GBP31 million (USD34.8 million), expanding its presence in an important country, the buyer announced on 3 October.
AAA's products include the Phoenix Jet target drone, which simulates airborne threats during weapon systems training, and the MTR-101 Reeling Machine, which attaches to an aircraft's exterior to launch and recover towed targets. Based in the city of Nowra in New South Wales, AAA employs about 180 people, and it generated AUD43 million (USD27.8 million) in revenue in the fiscal year that ended on 30 June.
QinetiQ also announced on 3 October that it is selling small-satellite designer QinetiQ Space NV of Belgium to US-based Redwire Corporation for GBP28 million as part of a portfolio reshaping effort. Space NV's main customer is the European Space Agency.
QinetiQ said it expects to complete both transactions by mid-November.
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