Support services provider VT Group PLC (VTGRF, VTG.LN) has agreed to be acquired by U.K. rival Babcock International Group PLC (BAB.LN) in a deal that values VT Group at GBP1.5 billion, according to a person familiar with the matter.

The transaction is due to be announced Tuesday, say people familiar with the deal.

Babcock International will pay 750 pence for each VT Group share, the person said. That will comprise cash plus 0.701 Babcock shares for each VT Group share held.

Synergies from the deal are expected to be about GBP50 million, the person said. Before it began due diligence, Babcock had estimated synergies at GBP27 million a year before tax.

VT Group's shares Monday closed at 690 pence. Babcock's shares closed at 533 pence.

-By Jonathan Buck, Dow Jones Newswires; +44-207-842-9237; jonathan.buck@dowjones.com
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