/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./
MONTREAL , April 20, 2017 /CNW Telbec/ – SNC-Lavalin Group Inc. (SNC.TO) (“SNC-Lavalin” or the “Corporation”) is pleased to announce that it has reached an agreement with WS Atkins plc (“Atkins”), approved by the boards of directors of both companies, on the terms of a cash acquisition by which SNC-Lavalin will acquire the entire issued and to be issued share capital of Atkins for £20.80 per share in cash, representing an aggregate cash consideration of $3.6 billion *.
Headquartered in the UK, Atkins is one of the world’s most respected consultancies in design, engineering and project management, with a leadership position across the infrastructure, transportation and energy sectors. Tracing its roots back to 1938, Atkins today has 18,000 employees with revenues of approximately £2.0 billion in 2016, and is geographically diversified in the US, Middle East and Asia , together with a leading position in the UK and Scandinavia.
“We are very pleased to announce this proposed acquisition that is fully aligned with our growth strategy, creating a global fully integrated professional services and project management company – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance. By combining two highly complementary businesses, we will increase our depth and breadth of services to position us as a premier partner to public and private sector clients,” said Neil Bruce , President & CEO. “It also creates new revenue growth opportunities in key geographies by positioning us to capitalize on increased cross-selling and the opportunity to win and deliver major projects in new regions. I look forward to welcoming Atkins’ employees into our combined company. Together, we will become part of a larger global organization that will open the door to new opportunities for further growth and development.”
SNC-Lavalin considers that Atkins’ employees will be a key factor in maximizing the opportunities that the acquisition will present and the executive leadership of the combined entity will also aim to retain the best talent across Atkins and SNC-Lavalin.
As part of the integration process, a review of the Atkins businesses will be completed with the Atkins leadership team to determine any organizational and structural changes that should be implemented to benefit the combined entity. SNC-Lavalin does not expect this integration review to have a material impact on the continued employment of Atkins’ employees.
Consistent with the extensive succession planning work completed by Atkins and the Atkins Directors, Heath Drewett , the current Group Finance Director and Executive Director of Atkins will, upon successful completion of the acquisition, be promoted to lead Atkins within the combined entity. Heath Drewett will report into SNC-Lavalin’s President and Chief Executive Officer and become a member…