Paul Lester could be in for a windfall after defence giant buys engineering support services firm for 拢1.33bn

Paul Lester, chief executive of VT Group, could emerge 拢5m richer following Babcock鈥檚 拢1.33bn takeover.

Lester, who has shares and options totalling some 拢4m, was paid more than 拢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鈥檚 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.

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