26 September 2011
Halcrow is to be acquired by CH2M Hill in a US$192m deal.
The two companies have entered into an agreement, which will see CH2M Hill buy 100% of the issued and to be issued share capital of Halcrow Holdings Limited for approximately US$192 million. The acquisition is subject to Halcrow’s shareholder approval and the approval of the UK high court, and is expected to close in November 2011.
Halcrow chief executive Peter Gammie said: “The board’s decision to approach CH2M Hill to discuss the sale of Halcrow is the culmination of a business relationship going back many years. We have worked together on many occasions and have become very much aware of each other’s strengths and working practices. The consolidation, which reflects an increasing trend in our industry, will create a very significant value proposition for clients. We are very complementary in terms of our skills and our markets so, where we share geographies, we are reinforcing one another rather than duplicating.”
CH2M Hill chairman and chief executive Lee McIntire said: “This acquisition is a game changer for our clients. Our global footprint will be deeper and our bench strength will be even more robust. By combining our resources and leveraging our collective technical know-how, we will set a new standard for the marketplace. Best of all, our two firms are ideally suited in terms of cultures, markets, geographies, and we have a shared long-term vision for the future.”