Combination of US giants creates a consultant with 拢11.1bn of annual revenue
Aecom has completed its 拢2.3bn acquisition of US engineering rival URS after the deal received 鈥渂road support from stakeholders鈥� of both companies.
All shares in URS will be exchanged for either US$54 or 1.9 shares in Aecom, depending on the preference of the shareholder.
The deal, which was first announced in July, will create a combined company with US$19bn (拢11.1bn) in annual sales and more than 95,000 employees.
Michale Burke, Aecom chief executive, said it was a 鈥渆xciting and historic day鈥� in the firm鈥檚 history.
He added: 鈥淭he combination of Aecom and URS dramatically accelerates our strategy of creating an integrated delivery platform with superior capabilities to design, build, finance and operate infrastructure assets around the world.鈥�
鈥淒uring the past three months, as we have advanced our integration planning efforts, my belief that Aecom and URS had highly complementary operations and cultures has been solidly confirmed.鈥�
He said the management鈥檚 鈥渃omprehensive integration plan鈥� would 鈥渓everage our greater scale across our global platform鈥� and that he was 鈥渃onfident鈥� of achieving the target of US$250m (拢146m) in annual cost synergies.
Both firms have a significant UK presence, after Aecom acquired UK-based consultant Davis Langdon and URS acquired UK-based consultant Scott Wilson, both in 2010.
In the UK, the Aecom-URS deal will result in a firm with 11,028 staff. Aecom currently has 4,016 staff and turnover of 拢430m , with its bigger rival URS, boasting 7,012 staff and 拢490m revenue.
the merger will enable Aecom to leapfrog rival consultants Atkins (9,374 staff), Jacobs (8,274 staff) and Mott MacDonald (5,398 staff) to become the UK鈥檚 largest consultant by headcount.
No comments yet