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Qinetiq sells US security business to ManTech
DEFENCE firm Qinetiq has completed the sale of its US security and intelligence services (S&IS) business, to ManTech International for $60m (£37.7m).
The deal will see the disposal of Qinetiq’s American service, which provides security solutions to the US Department of Defence.
ManTech, one of the US government’s leading providers for security technology, has agreed to buy S&IS for cash, with expectations that the deal will generate $40m of net proceeds after tax.
The deal, which was announced yesterday, was completed late last week and will see S&IS incorporated into ManTech’s mission, cyber and technology solutions division.