The government is to sell its majority stake in defence firm QinetiQ and float the business on the stock exchange.
QinetiQ, Malvern's largest employer, is descended from research establishments that came to town during the Second World War. It is jointly owned by the Ministry of Defence (56 per cent), US investment firm Carlyle (31 per cent) and staff members (13 per cent).
Shares are expected to go on sale in February. The sale is expected to raise £1.1 billion, but the government said it would retain a major stake in the firm.
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