Worleyparsons: Update on acquisition of Jacobs ECR

Source Press Release
Company WorleyParsons LimitedJacobs Engineering Group Inc. 
Tags Corporate Deals, Deals, Oil Services
Date March 21, 2019

Highlights

Update on the acquisition of Jacobs ECR announced in October 2018.

All regulatory clearance and approvals now received.

Acquisition is on target for completion in late April 2019.

Acquisition of Jacobs ECR division (“Transaction”)

On 22 October 2018, WorleyParsons Limited (“WorleyParsons”) (“Company”) entered into a binding agreement to acquire  Jacobs Engineering Group Inc.’s (“Jacobs”) Energy, Chemicals and Resources division (“Jacobs ECR”).

Regulatory approvals

The Committee on Foreign Investment in the United States (CFIUS) clearance of foreign investment in the USA was received on 21 March 2019 AEDT.

WorleyParsons has now received all regulatory clearance and approvals required for completion.

WorleyParsons has received US HSR antitrust clearance and regulatory approval from the European Commission, the Competition Bureau in Canada and the Competition Commission in South Africa.

Progress towards completion

Subject to the satisfaction of the remaining conditions to completion, the Company anticipates that the completion of the Transaction will occur by the end of April 2019.

On completion the Company will employ approximately 57,600 people in 51 countries, providing global sector leadership across Hydrocarbons, Chemicals and Minerals & Metals and will bring significant value upside through cost and revenue synergies.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd