MoD completes sale of QinetiQ stake

With the sale of the MoD's remaining 19 percent stake for £254m, the privatisation of the defence-tech firm is complete

The privatisation of defence-technology firm QinetiQ has been completed.

The Ministry of Defence (MoD) sold its remaining 19 percent stake in QinetiQ, previously the UK's Defence Evaluation and Research Agency, on Tuesday, raising £254m for the taxpayer.

The sale completes a contentious deal that saw the taxpayer lose out on almost £100m, according to parliamentary watchdog the Public Accounts Committee.

The minister for defence equipment and support, Baroness Taylor, said the privatisation has transformed a struggling agency into a successful company that employs 13,000 people, raising £830m for the UK taxpayer during the MoD's ownership of the company.

She said in a statement: "QinetiQ and its staff can be rightly proud of what the company has achieved since it was created in 2001. They remain a very important supplier to the MoD, and we wish them every success."

Taylor said that, although the MoD no longer has a financial stake in QinetiQ, it will retain a special share in the company, to protect the UK's defence and security interests.


You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All