Bethesda, Maryland-based investment firm Oroco Capital has completed its acquisition of the civil construction business from AECOM (NYSE: ACM) nearly one month after the latter company first announced the transaction.
Troy Rudd, CEO of AECOM, said in a statement released Monday the sale marks a milestone in the firm's business profile transformation initiative.
“With the progress we have made on our key strategic priorities, our advancement of our Think and Act Globally strategy to drive growth and the momentum in the business, we remain committed to repurchasing shares in order to fully capitalize on the value creation opportunity,” Rudd added.
The Los Angeles-based infrastructure consultancy has repurchased almost $150M in shares since the Nov. 16 announcement of its fiscal 2020 four-quarter earnings.
AECOM also reduced the number of its outstanding shares by 8 percent as a result of share repurchases worth more than $600M over the past three months and pegged its repurchasing capacity at $850M under its $1B current board authorization.