BAE-Backed UK Rocket Engine Maker Has Value Cut by £225 Million
- Reaction Engines sees two investors write down value of stakes
- UK company is searching for more funding after cutting costs
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Reaction Engines Ltd., a UK company behind a rocket engine designed for hypersonic flight, has had its valuation slashed by more than £200 million ($264 million) by two investors as it searches for funds.
Artemis Fund Managers has written down the value of its stake in the Oxfordshire-based company by 75%, it said Friday, a day after Schroders Plc announced it had slashed its valuation of the firm by 90%.