WorleyParsons Completes $3.2B Jacobs ECR Deal
WorleyParsons has completed the $3.2 billion (A$4.55 billion) acquisition of Jacobs ECR.
The new merged business is a “pre-eminent” global provider of professional project and asset services in energy, chemicals and resources and employs 57,600 people across 51 countries, according to WorleyParsons, which has adopted Worley as its new brand.
The company’s name will be changed to Worley Limited, subject to the approval of members at the annual general meeting in October. Cost synergies of approximately $91.754 million (A$130 million) at a cost of $112.928 million (A$160 million) are anticipated to be delivered within two years.
“This merger is about more than capacity and capability. It’s about opportunity. The opportunity to become the partner of choice for our customers, the employer of choice for our people and to deliver enhanced returns for our shareholders,” WorleyParsons’ CEO Andrew Wood said in a company statement.
WorleyParsons entered into a binding agreement to acquire Jacobs Engineering Group’s Energy, Chemicals and Resources division on October 22, 2018.
In a company statement at the time, Wood said the transaction will bring complementary capabilities in key business lines “including a best-in-class onshore and downstream MMO capability allowing customers to benefit from an expanded integrated solutions offering”.
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