Paul Lester could be in for a windfall after defence giant buys engineering support services firm for £1.33bn
Paul Lester, chief executive of VT Group, could emerge £5m richer following Babcock’s £1.33bn takeover.
Lester, who has shares and options totalling some £4m, was paid more than £1m in salary and bonuses last year, according to a report in the Daily Mail. He also has a 12-month service contract that would entitle him to a year’s salary if he leaves.
Yesterday defence giant Babcock completed its takeover of VT Group, valuing the engineering support services firm at 750p per share.
Following completion of the acquisition, VT Shareholders will own about 36% of the combined group.
The move came after VT Group was forced to abandon its own takeover plans of consultant Mouchel earlier this month.