Engineering giant lands $1bn-turnover US construction manager

Engineering and design firm Aecom has bought Tishman Construction Corp for $245m (£160m).

Tishman, a provider of construction management services in the US and the UAE, generated revenue of about $1bn in 2009, Aecom said.

Tishman is currently engaged in a number of projects, including the World Trade Center in New York.

Aecom said the purchase would expand its global presence in high-margin construction program management, which it estimates to be in excess of $100bn globally.

Aecom said the cash payment would include proceeds from the recently announced $250m debt issuance.

Shares in Aecom were trading down about 1% on Wednesday. They closed at $24.17 on the New York Stock Exchange.