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WorleyParsons Completes Acquisition of Jacobs ECR Division

Source: www.gulfoilandgas.com 4/29/2019, Location: Not categorized

WorleyParsons entered into a binding agreement to acquire Jacobs Engineering Group’s Energy, Chemicals and Resources division ('Jacobs ECR'). WorleyParsons today announced it has paid the consideration to complete the US$3.2 billion (A$4.55 billion) acquisition of Jacobs ECR and the acquisition was completed on Friday 26 April 2019 New York time.

The new merged business is a pre-eminent global provider of professional project and asset services in energy, chemicals and resources employing 57,600 people across 51 countries.

WorleyParsons’ CEO Andrew Wood said: 'This merger is about more than capacity and capability. It’s about opportunity. The opportunity to become the partner of choice for our customers, the employer of choice for our people and to deliver enhanced returns for our shareholders.'

The operating structure announced in February of four business units, Advisian, Energy and Chemical Services, Mining, Minerals & Metals Services and Major Projects and Integrated Solutions, is effective from completion. The transition process for combining the businesses into a cohesive, merged new company is underway following a period of extensive planning.

Cost synergies of approx. A$130m at a cost of A$160m are anticipated to be delivered within two years. Further benefits will be achieved from optimization and revenue synergies.

WorleyParsons has adopted ‘Worley’ as its new brand. The Company name will be changed to Worley Limited, subject to the approval of members at the AGM in October 2019.

The annual Investor Day will be hosted on 5 June 2019 where we will provide a more detailed update on the new company.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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