The URS Corporation has been purchased by another company to the tune of $4 billion.
AECOM Technology Corporation executed a definite agreement under which the company will acquire outstanding shares of URS for a combination of cash and stocks valued at $4 billion, according to a recent press release.
URS has a large, local presence in Aiken, with the headquarters office of URS-GMOS located downtown on Newberry Street.
The local division largely works internationally on the management of nuclear sites, including the Savannah River Site.
URS Corporation, in total, has more than 50,000 employees in a network of offices in nearly 50 countries.
The assumption of URS debt that AECOM would acquire spikes the total enterprise value to $6 billion, officials wrote.
The combined company will be a fully integrated infrastructure and federal services provider with more than 95,000 employees in 150 countries, according to the press release.
Martin Koffel, chairman and chief executive officer of URS, wrote the move is a compelling strategic combination that will benefit clients, stockholders and employees.
“URS stockholders will receive significant, immediate value from the transaction and will be able to participate in the future prospects of the combined company, which we expect will be better positioned to compete for major, complex projects across a diverse range of end markets and geographic regions,” Koffel wrote.
The terms of the agreement state AECOM will pay $56.31 per URS share.
URS stockholders will receive per share consideration equal to $33 in cash and 0.734 shares of AECOM common stock for each URS share.
URS stockholders’ shares will account for 35 percent of the combined company, which leaves them in good standing to create long-term stockholder value, according to the release.
Michael Burke, AECOM president and chief executive officer, said the combination creates the ability to deliver more capabilities from a broad, global platform to reach more clients in more industry end markets.
“Clients, employees and stockholders of both companies will benefit from the opportunities created by these expanded capabilities, broad global reach in key growth markets and economies of scale,” he wrote.
URS Corporation is a provider of engineering, construction and technical services for public agencies and private sector companies around the world.
AECOM Technology Corporation is a Fortune 500 engineering design firm, according to its website.
It offers a “fully integrated infrastructure and support services firm, with a broad range of markets, including transportation, facilities, environmental, energy, water and government.”
Derrek Asberry is a beat reporter with the Aiken Standard. He joined the paper in June 2013. He is originally from Vidalia, Ga., and a graduate of Georgia Southern University. Follow him on Twitter @DerrekAsberry.
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