July 14, 2014
WASHINGTON (AFP) - US infrastructure and services group AECOM is buying engineering firm URS Corp. for about $6 billion including debt, creating an industry leader, the companies said in a joint statement Sunday.
Los Angeles-based AECOM offered URS $56.31 per share, or about $4 billion for the San Francisco company, in addition to $2 billion in its debts, the companies said.
The merged company will have a presence in 150 countries and about 95,000 employees, the statement said. It would have calendar year 2013 pro forma sales topping $19 billion.
AECOM believes the tie-up could be more than 25 percent accretive to its cash earnings per share in fiscal year 2015, it added.
The merger, already approved by the two companies' boards, still must be approved by antitrust regulators possibly by October.
