The UK Atomic Energy Authority said agreed to sell its wholly-owned commercial arm, UKAEA Ltd., to the defence and energy support services firm Babcock International in a deal worth £50 million.

UKAEA Ltd., which oversees nuclear clean-up work at three sites in Britain and provides consultancy services worldwide, has a workforce of around 230 people.

Secretary of State for Business, Lord Mandelson, said, “The sale will allow the company, as part of Babcock International, to continue its development and take advantage of new opportunities in the nuclear industry.”

UKAEA, which has been playing an active role in nuclear energy since 1960s, has annual-turnover worth around £32 million.

Babcock’s CEO, Peter Rogers, has assured that the company had no plans to slash jobs at UKAEA sites.

Shares in Babcock have gained about 20 per cent so far this year, but dropped to 567p, losing 5½p-a-share.

(Via TopNews United Kingdom. Contributed by Sunil Kumar)