AECOM announced today that the company has completed its acquisition of URS Corporation with broad support from stakeholders following approval of the merger agreement by URS\u2019 stockholders and the stock issuance proposal by AECOM\u2019s stockholders at each company\u2019s respective special stockholder meetings held on Oct. 16, 2014.<\/p>\n
Each share of URS common stock will be exchanged in the merger for per-share consideration of either US$53.991 in cash or 1.8879 shares of AECOM common stock, at the election of the holder, and only non-electing holders will receive a combination of cash and stock as provided for in the merger agreement.\u00a0 The stockholder election deadline was 2 p.m. Pacific Time on Oct. 15, 2014.<\/p>\n
\u201cToday is an exciting and historic day \u2013 for our industry, for AECOM and URS, and for our nearly 100,000 people around the world who are serving our clients in over 150 countries,\u201d said Michael S. Burke, AECOM chief executive officer.\u00a0 \u201cBeyond the compelling benefits that this transaction creates for our combined clients, stockholders and employees, the combination of AECOM and URS dramatically accelerates our strategy of creating an integrated delivery platform with superior capabilities to design, build, finance and operate infrastructure assets around the world.\u201d<\/p>\n
The acquisition further diversifies and broadens AECOM’s market presence, as URS brings strong sector expertise in important end markets, including oil & gas, power and government services.\u00a0 URS also adds to AECOM\u2019s construction capabilities, deepening a core competency that AECOM will be able to leverage across its global platform.<\/p>\n
\u201cDuring the past three months, as we have advanced our integration planning efforts, my belief that AECOM and URS had highly complementary operations and cultures has been solidly confirmed,\u201d Burke said.\u00a0 \u201cOur leaders have collaborated to develop a comprehensive integration plan that will leverage our greater scale across our global platform.\u00a0 We are confident that we will achieve our target of US$250 million in annual cost synergies.\u201d<\/p>\n