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.