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NAO probes QinetiQ float

Spending watchdog to conduct full audit of defence company's privatisation - and the deal that promises to turn Carlyle's £40m into £300m

The National Audit Office said yesterday that it would investigate the
QinetiQ deal that saw US private equity firm Carlyle acquire a third of the
group for only £42m.

Carlyle’s stake, four years on, is now valued at more than £300m as the
defence research company gears up for New Labour’s first major privatisation
deal.

The NAO is looking at a range of issues related to the flotation and the sale
to Carlyle.

In a statement it said it would look at: the choice of privatisation
strategy, governance arrangements, the management of the process (the split of
the Defence Evaluation and Research Agency into two, the sale to Carlyle and the
flotation), the price achieved, and whether the deal is likely to meet its
objectives.

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