Canadian SNC-Lavalin Group announced that it has completed the acquisition of Atkins, specialized in design, engineering and project management consultancy services. Headquartered in the UK, Atkins is a geographically diversified global company with approximately 18,000 employees in the US, Middle East and Asia, together with a leading position in the UK and Scandinavia.
The aggregate cash consideration for the acquisition of £20.80 per Atkins share in cash for a total consideration of CAD 3.6 billion (USD 2.43 billion). Together, the two companies will have over 50,000 employees and annual revenues of approximately CAD 12 billion (over USD 8 billion).
“SNC-Lavalin is continuing to deliver on its strategy of establishing itself in the top 3 in our industry globally. By combining our two highly complementary businesses, we are solidifying SNC-Lavalin’s position as one of the largest fully integrated professional services firms in the world, while improving our margins and balancing our business portfolio,” Neil Bruce, President of SNC-Lavalin said.
The acquisition of Atkins creates a global fully integrated professional services and project management company – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance.
“Joining SNC-Lavalin will provide us with the ability to offer our clients and employees the enhanced scale, capabilities, expertise and other benefits that come with being part of a larger and stronger global company,” Heath Drewett, President of Atkins said.
Over the coming months, teams from both organizations will work together to integrate both companies in order to create value for all stakeholders and realize expected synergies from the acquisition. SNC-Lavalin has a strong record of successful integrations and is committed to leveraging the best practices from each organization to ensure that the two companies are combined with speed, diligence and efficiency.
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