Engineering design and infrastructure services firm AECOM has agreed to buy URS Corp. (NYSE: URS) for approximately $4 billion in cash and stock, or $56.31 per share, the companies said Sunday.
AECOM will also assume URS’ debt and expects to close the acquisition in October, pending regulatory approvals and approval by shareholders at both companies.
Including the assumption of URS debt, AECOM puts the total enterprise value of the deal at approximately $6 billion.
URS shareholders will receive $33 per share in cash and 0.734 shares of AECOM common stock for each URS share through the transaction.
Los Angeles-based AECOM estimates the combined company to have more than $19 billion in annual revenue and more than 95, 000 employees across 150 countries.
AECOM said it made the deal to add URS’ offerings in the oil and gas, power and government services markets, as well as to integrate both companies’ services in other sectors such as infrastructure, facilities, environmental and water.
Michael S. Burke, president and CEO of AECOM, will serve as chief executive of the combined company and AECOM Executive Chairman John Dionisio will chair the board of directors.