Worley Parsons Completes Jacobs ECR Buy
Australia’s WorleyParsons has completed its acquisition of Jacobs Engineering Group’s Energy, Chemicals and Resources division (Jacobs ECR) for $3.3 billion. The transaction was comprised of $2.6 billion in cash and $700 million in WorleyParsons ordinary shares.
Through the deal, the engineering group based in North Sydney will double in size.
According to WorleyParsons, the acquisition creates the world’s biggest provider of project and asset services in resources and energy, along with global sector leadership in hydrocarbons, chemicals and minerals & metals.
The newly merged engineering business employs 57,600 people in 51 countries worldwide. Its operating structure is made up of four business units: Advisian; Energy and Chemical Services; Mining, Minerals & Metals Services and Major Projects; and Integrated Solutions.
Going forward, WorleyParsons will be known as Worley Limited, subject to the approval of shareholders at the annual general meeting scheduled for October. An update on the new structure has been promised for an investor day on Jun. 5.
Jacobs in future will focus on its two higher growth, higher margin lines of business – aerospace, technology, environmental and nuclear (ATEN) and buildings, infrastructure and advanced facilities (BIAF).
