The Government today welcomed the completion of the UK Atomic Energy Authority's £50m sale of 100% of its commercial arm, UKAEA Limited, to Babcock International Group.
The sale is the first transaction under the government's Operational Efficiency Programme, launched last year. The programme aims to ensure more efficient and commercial operation of assets held by the public sector, including certain businesses. This aspect is being managed by the Shareholder Executive.
The sale completed on 31 October and followed the announcement of 30 March 2009 that UK Atomic Energy Authority was seeking a buyer for UKAEA Limited. The sale of the business will help to reinforce the UK's strong heritage in the nuclear industry and provide a platform for the further development of skills in this important marketplace.
Business secretary Lord Mandelson said: "This is a win, win, win result. It gives UKAEA a strong partner, generates good value for the tax payer and allows the Nuclear Decommissioning Authority to enjoy a broader array of nuclear decommissioning expertise."
Chief secretary to the Treasury, Liam Byrne said: "Asset sales like this are an important part of our plans to bring down debt. As we lock in the recovery we'll move to halve the deficit over four years, so it's good to see transactions like this on track, delivering value for British taxpayers."