Canadian engineering SNC-Lavalin has won the backing of Atkins’ shareholders for its takeover of the UK consultancy group.
Atkins reported yesterday that more than 83% of shareholders had voted in favour of the £2.1bn deal.
The takeover, which will create a £7bn revenue business employing over 50,000 staff, is now expected to finalise this Friday.
Neil Bruce, President & CEO of SNC-Lavalin, said: “By combining two highly complementary businesses, we will increase our depth and breadth of services to position us as a premier partner to public and private sector clients.
“It also creates new revenue growth opportunities in key geographies by positioning us to capitalise on increased cross-selling and the opportunity to win and deliver major projects in new regions.”
SNC-Lavalin said it expects to make £50m in annual cost saving at Atkins.
The Atkins brand including Faithful + Gould will remain during the takeover period but will be looked at in the long-term depending on client feedback.
SNC-Lavalin has also set aside £5m in cash “retention payments” for senior Atkins managers to ensure they stay at the firm for at least the next 12 months.
from Construction Enquirer http://www.constructionenquirer.com/2017/06/27/atkins-shareholders-back-merger-with-canadian-giant/
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