Nuclear purchase

AMEC has made an offer to buy NNC Holdings, the UK’s leading private sector nuclear services business.

The offer has been recommended by the Board of NNC and irrevocable acceptances have been received from shareholders holding 100% of the equity in issue.

The cost of the acquisition will be £25.3 million plus a net debt of around £12.7 million. The acquisition will be funded from AMEC’s existing banking facilities.

NNC, which employs around 1,000 people, provides engineering solutions and safety consultancy services throughout the life cycle of nuclear facilities in the UK, Canada and across the former Soviet Union.

In the year ended March 31 2005, it generated an unaudited operating profit of £5.6 million on a turnover of £86.6 million.

The acquisition will complement AMEC’s existing strength in the UK and French markets, where it has worked with British Nuclear Fuels (BNFL), the United Kingdom Atomic Energy Authority (UKAEA) and Electricité de France (EDF) for several decades.