BVT Surface Fleet was created in June 2008 as a privately owned joint venture (JV) between BAE Systems Surface Fleet Solutions and VT Group's shipbuilding interests. Consolidation took place at the behest of the UK government, which abandoned its policy of encouraging domestic competition to create a national shipbuilder for the UK as part of its Defence Industrial Strategy.rnThe move was a prerequisite before the Ministry of Defence would proceed with the Queen Elizabeth-class aircraft carrier programme. The GBP1 billion (USD1.6 billion) JV encompasses about 85 per cent of the UK's surface naval construction base. On 24 September 2009 BAE Systems and VT Group signed an agreement transferring the latter's 45 per cent stake in the JV to BAE Systems for a consideration of GBP346 million.
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