City & Corporate: CDR wins pitch for QinetiQ flotation job

Defence technology group QinetiQ has hired Citigate Dewe Rogerson for its planned £1bn listing.

The move comes just three months after PRWeek revealed QinetiQ was in talks with agencies about the flotation. QinetiQ head of media and corporate affairs Nicky Louth-Davies declined to comment on the appointment but it is understood that up to four other agencies may have eventually pitched for the business.

CDR director Andrew Hey is leading the account.

QinetiQ was the former science and technology arm of the Ministry of Defence until its partial privatisation in 2002 - private equity firm Carlyle took a 31 per cent stake for £150m. The listing might come under fire because Carlyle's holding could be valued at £300m.

The Government's 56 per cent stake will become a minority interest.

This month the company unveiled its biggest overseas acquisition since part-privatisation when it paid £163m for Apogen Technologies, a major contractor to the US Department of Homeland Security.

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