The boards of SNC-Lavalin Group Inc. and WS Atkins plc have reached agreement on the terms and conditions of an all cash £2.1 billion acquisition of Atkins by SNC-Lavalin (GB) Holdings Ltd.
Under the terms of the deal, each Atkins Shareholder will be entitled to receive 2,080 pence for each Atkins Share in cash - a premium of approximately 35% on the closing price of 1,540 pence per Atkins Share on 31 March 2017.
The acquisition, which values Atkins at approximately £2.1 billion (C$3.6 billion), will create a C$12.1 billion group with 53,000 employees. Astatement issued by the Canadian giant said it would “significantly improve SNC-Lavalin’s overall margins, and further balance its business portfolio.”
The combined firm will continue to have its head office in Montreal, Canada.
Following approval of the terms of the deal by Atkins shareholders, the acquisition is expected to become effective in the third quarter of 2017.
Commenting on the announcement, Neil Bruce, President & CEO of SNC-Lavalin, said:
“We are very pleased to announce this proposed acquisition that is fully aligned with our growth strategy, creating a global fully integrated professional services and project management company – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance.”
“By combining two highly complementary businesses, we will increase our depth and breadth of services to position us as a premier partner to public and private sector clients. It also creates new revenue growth opportunities in key geographies by positioning us to capitalize on increased cross-selling and the opportunity to win and deliver major projects in new regions. I look forward to welcoming Atkins’ employees into our combined company. Together, we will become part of a larger global organization that will open the door to new opportunities for further growth and development.”
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