Davis Langdon bought for £204m
Construction consultants Davis Langdon, which has offices in Manchester and Liverpool, has been bought by American firm Aecom.
The cost consultancy and project management company has been negotiating with Aecom for a number of months and has agreed on a deal worth £204m.
Davis Langdon has 76 staff based at its office in Cloister House on New Bailey Street in Manchester and 52 staff at the office in the Cunard Building in Liverpool.
In total, Davis Langdon has 2,800 employees serving public and private sector clients in a variety of markets.
Aecom said Davis Langdon's counterpart in Asia, Davis Langdon & Seah, will remain independent, but will continue to work with Aecom's Davis Langdon operations under an existing collaboration agreement.
John M. Dionisio, Aecom president and chief executive officer, said: "Davis Langdon's strong cost and project management capabilities bolster our growing portfolio of construction management services.
"Combined with our recent acquisition of Tishman Construction, we have significantly enhanced Aecom's ability to meet the growing customer demand for turnkey, integrated services and we have done so by adding two recognised global leaders in the industry to the Aecom enterprise."
Rob Smith, chairman of Davis Langdon's international board of directors and senior partner of its Europe and Middle East region, added: "Now, more than ever before, our clients are looking for integrated solutions and access to global knowledge. In partnership with Aecom, Davis Langdon will be well-positioned to deliver our front- end cost and project management, and consultancy services as part of a complete end-to-end offer. This will allow us to better serve our global customers while presenting new long-term growth opportunities for our employees. We look forward to further penetrating the markets we share with AECOM and leveraging their global platform to enter new growth markets."
Under the terms of the agreement, Davis Langdon is expected to receive approximately 80% of the consideration in cash and 20% in Aecom common stock.
The transaction is expected to close in October 2010.
The acquisition has been approved by Davis Langdon shareholders and partners, and is subject to customary closing conditions, including necessary regulatory and third party approvals.
