Acquisition of Shares in Joint Venture
Date : 03 October 2005
Serco Group plc ("Serco") today announces that it has purchased Equion Limited's 50% share of Defence Management Holdings Limited ("DMHL"), for consideration of £5.9m. DMHL was formerly a 50:50 joint venture between Serco and Equion. DMHL owns Defence Management Watchfield Limited, the special purpose company for the Joint Services Command and Staff College ("JSCSC") private finance initiative.
The purchase reflects Serco's commitment to long term operating relationships with its clients, in this case the Ministry of Defence ("MoD"). Serco and the MoD are creating a long term partnership at the MoD's Shrivenham site, through both the JSCSC contract and the recently announced Defence Academy Campus Integrator contract. Serco's contract to operate the JSCSC runs for a further 23 years.
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