Outsourcer Serco (SRP) has signed its biggest ever contract and one of the six "elephant" deals chief executive Rupert Soames outlined in the group's last full-year results. The group will operate the New Grafton Correctional Centre in New South Wales, Australia from 2020. The deal has an estimated value of £1.5bn over its 20-year term. Serco was named preferred bidder for the contract in March.
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Mr Soames said in February he would be pleased to win one of the contracts, and regard winning two as a good result. The remaining bid for contracts relate to the Riyadh Metro, Qatar Rail, UK immigration escorting, US naval vessel repair and the domestic Defence Fire Risk Management Organisation.
