US engineering company URS has agreed to acquire Scott Wilson for £161 million.
US engineering company URS has agreed to acquire Scott Wilson Group for £161 million.
The acquisition of Scott Wilson is to be made by Universe Bidco, a wholly owned subsidiary of URS Corporation, and is subject to shareholder approval.
The offer of 210 pence per share represents a premium of approximately 76 per cent on the closing price of 119.5 pence per share on 25 June 2010, the last business day before the announcement.
Martin Koffel, chairman and CEO of URS, comments that the acquisition will expand URS’ geographic footprint worldwide: ‘The proposed acquisition of Scott Wilson is a compelling transaction for URS and an important step forward in our strategy to expand our capabilities in the UK infrastructure market and in other key regions around the world.’
California-based URS was established in 1951 and has 42,000 employees across more than 30 countries. The engineering and construction company covers a broad range of sectors including energy, infrastructure and industrial programmes.
London-based Scott Wilson is a global design and engineering consultancy with 80 offices and over 5,500 employees.
Geoff French, chairman of Scott Wilson, says: ‘In an increasingly global marketplace, the board believes that a combination with URS will significantly enhance Scott Wilson’s future prospects and we are excited about our future together.’
The deal is expected to be completed in September 2010.