SNC-Lavalin Group Inc. is expanding its global consulting, design and project management capabilities with the takeover of U.K.-based WS Atkins Plc.
SNC-Lavalin, based in Montreal, Canada, said April 20 it agreed to acquire Atkins for about C$3.6 billion (US$2.7 billion) in cash. The combination is set to create a C$12.1 billion (US$9 billion) global professional services and project management company with 53,000 employees, according to a company release.
In 2016, Atkins had 18,000 employees with revenues of about 2 billion British pounds from consultancies in design, engineering and project management across the infrastructure, transportation and energy sectors. The company, founded in 1938, operates in the U.S., Middle East and Asia, with a leading position in the U.K. and Scandinavia.
The acquisition will bring new and complementary capabilities to SNC-Lavalin in three of its four sectors, and with essentially no overlap in its service offering, with a significant presence in Europe, U.K., Scandinavia, the U.S., Middle East and Asia, the company said.
SNC-Lavalin's acquisition will be funded through a combination of equity and debt issuance and supported by Caisse de dépôt et placement du Québec, the company’s largest shareholder.
RBC Capital Markets is financial adviser and corporate broker to SNC-Lavalin. SNC-Lavalin’s legal adviser is Norton Rose Fulbright. SNC-Lavalin’s accountants are Deloitte LLP, and Maitland acted as financial communications consultants. The company expects the acquisition to close third-quarter 2017. (C$1 = US$0.74)
Recommended Reading
SM Energy Adds Brookman to Board, Promotes Lebeck to Executive VP
2024-02-23 - Barton R. Brookman previously served as President and CEO of PDC Energy and James B. Lebeck served as senior vice president and general counsel since January 2023.
Greenbacker Names New CFO, Adds Heads of Infrastructure, Capital Markets
2024-02-02 - Christopher Smith will serve as Greenbacker’s new CFO, and the power and renewable energy asset manager also added positions to head its infrastructure and capital markets efforts.
Crescent Point Energy to Rebrand as Veren Inc.
2024-03-21 - The company will seek shareholder approval for the change at its upcoming annual and special meeting of shareholders on May 10.
enCore Energy Appoints Robert Willette as Chief Legal Officer
2024-02-01 - enCore Energy’s new chief legal officer Robert Willette has over 29 years of corporate legal experience.
SunPower Appoints Garzolini as Executive VP, Chief Revenue Officer
2024-03-14 - Tony Garzolini will oversee SunPower’s sales, including the direct, dealer and new homes channels, along with pricing and demand generation.