Aker Solutions In Share Purchase Deal With Jacobs Engineering

Norwegian engineering services firm Aker Solutions (AKSO.OS) said Wednesday it has agreed a share purchase deal with Jacobs Engineering Group Inc. (JEC), valued at approximately 5.5 billion Norwegian kroner ($913 million), to transfer operations within its process and construction business to the U.S. professional technical services firm.

The transfer doesn't include the U.S. EPC centre in Houston and the Union Construction business located in the U.S. and Canada, which will be part of the new Aker Contractors company.

Completion of the transaction will be subject to relevant merger control clearances and the parties expect to complete the transaction during the first quarter of 2011.

For Aker Solutions, the transaction is expected to have a positive net cash effect of approximately NOK3.8 billion, and a cash to treasury effect of approximately NOK4.2 billion.

The net gain for Aker Solutions, compared to the book value of the businesses, is estimated to be a total of NOK2.4 billion.

Aker Solutions will continue to operate the process and construction business area operations included under the share purchase agreement until the transaction has been completed.

-By Jens Hansegard, Dow Jones Newswires; +46-8-5451-3095; jens.hansegard@dowjones.com

Jacobs Engineering (NYSE:JEC)
Historical Stock Chart
From Jun 2024 to Jul 2024