4.7 The Department has received net proceeds of £576 million from the transaction to date as shown in Figure 16. In addition, as at 31 October 2007 it also retained a 19 per cent shareholding that was worth £235 million. The flotation itself generated approximately £300 million, net of costs, for the Department with the balance of the proceeds coming from the repayment of the debt in the business and the sale to Carlyle.
4.8 The Department incurred total costs of £76 million throughout the privatisation process; £28.0 million on consultants, £2.4 million on internal costs and £45.3 million on contributions to the pension fund. These are set out in Figure 17 overleaf.
4.9 DERA, and latterly QinetiQ and DSTL, recorded total costs of £68 million. The bulk of these related to the substantial task of restructuring DERA although QinetiQ also incurred significant costs during the PPP transaction and flotation.