Canada’s SNC-Lavalin will acquire UK-headquartered consultancy, Atkins, for $2.6bn (£2.1bn), it has been confirmed.
Atkins chief executive Uwe Kruger will step down from his role if the acquisition successfully completes.
SNC-Lavalin will pay £20.80 in cash for each Atkins share – a 35% premium to the closing price (£15.40) on March 31, 2017.
The acquisition, according to SNC-Lavalin‘s board, “represents a compelling opportunity to accelerate the delivery of [its] strategy to become a global fully integrated professional services and project management company”.
In addition, the combined entity formed following the transaction would also help SNC-Lavalin add a “significant complementary presence in […] the Middle East and Asia”, among other key global markets.
Atkins’s project portfolio in the Middle East includes Riyadh Metro, Dubai Metro, Burj Al Arab (pictured), and Doha Metro Red Line South. More info
By Neha Bhatia www.constructionweekonline.com