The UK’s National Audit Office (NAO) is beginning an investigation into the privatisation of Qinetiq, ahead of the defence company’s anticipated flotation in February. The NAO expects to publish a report by the end of the year into the deal, which saw parts of the Defence Evaluation & Research Agency sold to private equity group Carlyle. The investigation will cover aspects of the sale process, including the £42 million ($74 million) Carlyle paid for its stake in 2003. Next month’s initial public offering (IPO) is expected to value the company at £1.3 billion.
Source: Flight International
