Construction consultants Davis Langdon has agreed to be taken over by US giant Aecom Technology Corp in a deal worth £200 million
Davis Langdon, which turns over around £270m per year and employs around 2,500 people, agreed to accept 80 per cent of the take over proceeds in cash, with the remaining 20 per cent paid for in Aecom shares.
Davis Langdon international board director, Rob Smith said: ‘We are delighted to be joining Aecom. Now, more than ever before, our clients are looking for integrated solutions and access to global knowledge. In partnership with Aecom, Davis Langdon will be well-positioned to deliver our front-end cost and project management, and consultancy services as part of a complete end-to-end offer.
‘This will allow us to better serve our global customers while presenting new long-term growth opportunities for our employees. 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 Dionisio said: ‘Davis Langdon’s strong cost and project management capabilities bolster our growing portfolio of construction management services.
‘The addition of Davis Langdon to Aecom reflects our continued commitment to execute on our stated strategy of growth and diversification, especially from a global footprint standpoint. Davis Langdon’s presence in growth markets positions us well to offer a comprehensive and global program management solution to our clients.’
Aecom has approximately 46,000 employees around the world and had revenue of £4 billion during the 12 month period ending 31 March 2010.
The take over is expected to reach financial close in October.