Page last updated at 12:43 GMT, Monday, 4 August 2008 13:43 UK

Qinetiq buys US spy services firm

Qinetiq advertisement
The MOD was accused of selling off Qinetiq too cheaply.

UK defence research firm Qinetiq says it has bought Dominion Technology, which provides technology and services to the US intelligence community.

Qinetiq, once owned by the Ministry of Defence (MOD), said it would it pay $104.5m (53m) in cash for the firm.

Dominion, a private company, employs 100 people, almost all of who all have high-level security clearance.

Qinetiq said the acquisition would allow it to operate in a market that is typically difficult to enter.

The deal is subject to US regulatory approval.

Qinetiq chief executive Graham Love said that the acquisition would help the firm expand in North America.

The MOD has been accused of selling off the firm to US private equity firm Carlyle in 2003 too cheaply.

The government retains a 19% stake in the firm.




SEE ALSO
MPs slate Qinetiq privatisation
10 Jun 08 |  Business
Defence site 'to lose 200 jobs'
17 Feb 08 |  Hereford/Worcs
US market boosts Qinetiq profits
28 Nov 07 |  Business
Qinetiq deal 'cost UK taxpayers'
23 Nov 07 |  Business

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