Devonport works in design, build and support across the defence and commercial sectors, including nuclear submarine refit, refuelling and maintenance.
 
Balfour Beatty Chief Executive, Ian Tyler, said:
"Devonport Management has been a very good investment for Balfour Beatty and we are pleased to have played a part in the success of the enterprise. However, long-term involvement in "Devonport is not core to our strategy and a sale on the terms agreed represents excellent value for our shareholders. This sale places the combined Babcock and DML businesses in a primary position to achieve consolidation of UK submarine assets."
 
The other shareholders in Devonport, who are also selling their interests to Babcock, are KBR (51%) and the Weir Group (24.5%). The transaction is conditional upon the approval of the Ministry of Defence and the shareholders of Babcock. It is anticipated that the transaction will be completed within approximately 60 days.