William McCormick
AECOM announced on Monday that the company has entered into a definitive agreement to sell its management services business to affiliates of American Securities and Lindsay Goldberg for $2.4B. The sale of the MS business marks the completion of a robust dual-track process that began with the company’s June 17th separation announcement and includes a contingent purchase price of approximately $150 million.
“This transaction is a testament to our proven execution ability in complex, mission-critical situations globally and the hard work and commitment of our talented employees, said John Vollmer, president of the AECOM MS group and 2019 Wash100 Award recipient.
The transaction has been unanimously approved by the company’s board of directors and is subject to customary closing conditions and regulatory approvals. The definitive purchase agreement includes customary cash, debt and working capital adjustments. The deal is expected to close in the first half of fiscal 2020.
Goldman Sachs & Co. and DBO Partners are serving as financial advisers and Wachtell, Lipton, Rosen & Katz is serving as legal adviser. Cravath, Swaine & Moore is serving as legal adviser to American Securities and Lindsay Goldberg.
“American Securities and Lindsay Goldberg have impressive track records of building lasting value for their portfolio companies, particularly in the government services sector. I am confident that this world-class investor group has the resources and expertise that will enable us to accelerate our innovation and future growth,†Vollmer added.
About AECOM
AECOM (NYSE:ACM) is the world’s premier infrastructure firm, delivering professional services across the project lifecycle – from planning, design and engineering to consulting and construction management. We partner with our clients in the public and private sectors to solve their most complex challenges and build legacies for generations to come.
