IMS has agreed to retain the Baker name, maintain Baker’s presence in the Pittsburgh area, and keep the current organisation and staff of Baker essentially intact.
Under the terms of the agreement, which has been unanimously approved by Baker’s board of directors, Baker shareholders will receive US$40.50 in cash for each share they own, in a transaction valued at US$396.9 million.
“The transaction, which we believe delivers outstanding value to shareholders, results from a thorough, extensive strategic assessment process initiated by the board early this year,” said Baker’s Robert Bontempo, chairman of the board of directors. “We believe that this union with IMS will provide substantial value to shareholders, while reinforcing our commitment to our customers to continuously provide them with excellent service and high quality professional services.”
Thomas Campbell, chairman of IMS and founder of DC Capital, said: "This is a significant step for both companies. The combination of Michael Baker and IMS will create a company with over $1.0 billion in revenue, approximately 5,000 employees, and a platform with global reach. IMS has a strong presence internationally with a history of operating on all five continents. This geographic footprint in support of our customers in growth areas such as infrastructure, development, intelligence, and technology combined with Michael Baker’s complementary capabilities, highly certified, security-cleared workforce, and distinctive North American presence will greatly enhance our collective ability to manage and execute larger projects.”
Michael Baker Corporation provides engineering, design, planning and construction services worldwide. It has more than 3,000 employees in over 100 offices across the USA.
IMS provides a range of services including engineering and construction, and technical and professional services. Its customer base has a primary focus on the US intelligence community, Department of State, Department of Defense, Department of Homeland Security, United States Army Corps of Engineers, and other federal agencies.
