The UK Atomic Energy Authority is looking for a buyer for up to 100% of the share capital of UKAEA Limited, which provides nuclear decommissioning, waste management and site environmental remediation services and nuclear new build support services under contract both in the UK and overseas.
It currently manages decommissioning at three UK sites: Dounreay, Harwell and Winfrith, and manages the pension administration for a number of nuclear industry pension schemes. The business was legally separated from the UK government-owned UKAEA in April 2008. The sale is being managed by Greenhill and is expected towards the end of 2009.
UKAEA Limited had a turnover of £374.8m in the year to March 31 2008 and profit of £10.7m, according to its 2007-2008 annual report.
The offer is the culmination of a process to develop a commercially-viable nuclear decommissioning business, the government said.
“As the UK moves towards an era of nuclear new build, this sale will increase efficiency, competition and value for money for the taxpayer in the decommissioning and clean up work of old nuclear power stations,” said UK secretary of state for business Peter Mandelson.
Lady Barbara Judge, chairman of the UKAEA, said that new company could profit from domestic and international demand. “We believe that the UK and international nuclear decommissioning markets represent an exciting opportunity for UKAEA Limited to build a larger and more broadly based nuclear services company, based on UKAEA Limited’s core skills, track record and brand.”
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