AECOM completes acquisition of URS Corp.
AECOM Technology Corp., a large engineering design firm, announced on Oct. 16 that the company has completed its acquisition of URS Corp., with broad support from stakeholders.
Each share of URS common stock will be exchanged in the merger for per-share consideration of either US$53.991 in cash or 1.8879 shares of AECOM common stock, at the election of the holder.
“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,” said Michael Burke, AECOM chief executive officer. “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.”
The acquisition further diversifies and broadens AECOM’s market presence, as URS brings strong sector expertise in important end markets, including government services, oil & gas, and power. URS also adds to AECOM’s construction capabilities, deepening a core competency that AECOM will be able to leverage across its global platform.
“During 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,” Burke said. “Our leaders have collaborated to develop a comprehensive integration plan that will leverage our greater scale across our global platform. We are confident that we will achieve our target of US$250 million in annual cost synergies.”