Babcock International Group to buy shipyard in Plymouth for $697

GB-based Babcock International Group Plc has agreed to buy Devonport Management Ltd, operator of a Plymouth dockyard where Britain refuels its nuclear-powered submarines yard, where British nuclear submarines are reloaded, Reuters reports according to Gazeta.Ru. The deal is valued at 350 million pounds ($697 million). Europe's biggest defense company, BAE Systems and private equity firm The Carlyle Group, also submitted bids for Devonport. As of today, the yard is managed by USA-based KBR Inc and British Weir Group and Balfour Beatty. The deal is to reinforce Babcock’s position as the leading company servicing the vessels of Great Britain Navy.