Jacobs has finalized its acquisition of the remaining equity interest in London-based PA Consulting in a deal valued at approximately $1.6 billion as part of efforts to expand its advisory and technology-enabled capabilities across global markets.
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Jacobs said Monday the transaction strengthens its ability to deliver integrated services spanning strategy, digital innovation and major capital programs to government and commercial clients.
The company initially announced the deal in January and finalized the acquisition on Friday, March 20, after meeting all required closing conditions.
In 2021, Jacobs acquired a 65 percent stake in PA Consulting to advance its growth strategy.
What Does PA Consulting Do?
PA Consulting offers innovation and transformation consulting services to clients across government and commercial sectors.
The company works across sectors such as defense and security; government; energy and utilities; consumer and manufacturing; financial services; health and life sciences; and transport. Its capabilities cover concept development, design, implementation and commercialization. It has offices across the U.K., Europe and the U.S.
What Did Jacobs & PA Consulting Leaders Say About the Transaction?
Jacobs Chair and CEO Bob Pragada said full ownership of PA Consulting strengthens the company’s position as a provider of integrated advisory and technology-enabled platforms at global scale.
He added that clients are seeking fewer interfaces and greater accountability in complex programs, and the combined organization aligns strategy, digital innovation and delivery capabilities to support execution and efficiency.
PA Consulting CEO Christian Norris said the transaction expands the firm’s innovation and transformation capabilities and strengthens its ability to help clients navigate complex challenges.
He added that the combined organization will operate as a unified global team focused on delivering client outcomes.
What Are the Details of the Acquisition?
Jacobs acquired all PA Consulting shares it did not previously own for approximately $1.6 billion.
The upfront consideration was structured as 80 percent cash and 20 percent Jacobs shares, and was funded through a combination of cash on hand and debt facilities.
The transaction also includes deferred consideration of about $99.8 million, payable in shares, cash or a combination of both at Jacobs’ election two years after closing.
More than 97 percent of voting shareholders, representing over 99 percent of share value, approved the deal.
Jacobs said it expects the acquisition to be accretive to adjusted earnings per share within the first 12 months after closing.
Centerview Partners and Perella Weinberg Partners served as financial advisers to Jacobs, with Akin Gump acting as legal counsel. Goldman Sachs International advised PA Consulting on the transaction, while Milbank served as its legal counsel.
