Aecom completes $6bn URS deal
Shareholders of both firms give green light to takeover
US-based building consultancy giant Aecom has announced that it has completed its $6bn takeover of URS Corporation.
The deal was approved by shareholders from both firms on Thursday, 16 October. It sees URS shareholders being offered $53.99 in cash per share, or 1.8879 shares in Aecom for each URS Corportation share held. That values URS at approximately $4bn, but Aecom is also assuming $2bn of URS debt.
Following approval, Aecom CEO Michael S Burke said: “Today is an exciting and historic day – for our industry, for Aecom and URS, and for our nearly 100,000 people around the world who are serving our clients in over 150 countries.
“Beyond the compelling benefits that this transaction creates for our combined clients, stockholders and employees, the 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.”
He added that it expects to achieve around $250mn a year in cost savings as a result of the tie-up.