Takeover after months of negotiations ends the independence of one of UK industry’s biggest names
Aecom has announced the takeover of Davis Langdon in a deal worth $324M (£203.6m), ending the independence of one of the most established names in the UK construction sector.
The deal, which Building first revealed in February, comes after months of negotiation between the two parties.
Under the terms of the agreement, Davis Langdon is expected to receive approximately 80% of the consideration in cash and 20% in AECOM common stock. The deal, which has been approved by Davis Langdon shareholders and partners, is expected to complete in October.
Rob Smith, senior partner in Davis Langdon’s Europe and Middle East region, said: “Now, more than ever before, our clients are looking for integrated solutions and access to global knowledge. We look forward to further penetrating the markets we share with AECOM and leveraging their global platform to enter new growth markets.”
Aecom president and chief executive officer John M Dioniso said: “The addition of Davis Langdon to AECOM reflects our continued commitment to execute on ourstated strategy of growth and diversification, especially from a global footprint standpoint.”
The deal follows Aecom’s purchase last month of US firm Tishman, the builder of the original World Trade Cenre towers, and a string of acquisitions from the firm in the UK.
More to follow