November 21, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

AECOM to Become Largest Publicly Traded Firm in Los Angeles

AECOM
AECOM purchased URS for $6 billion on July 13. With the merger, AECOM will become the largest publicly traded company in Los Angeles. (Thinkstock)

In one of the bigger mergers to take place within Los Angeles this year, AECOM Technology Corp. announced on July 13 it is acquiring URS Corp. for a total price of $6 billion.

The merger will create an infrastructure and federal services provider based in Los Angeles and extends into 150 countries with more than 95,000 employees. AECOM will be the largest publicly traded company based in Los Angeles.

As part of the transaction, AECOM will reportedly pay $56.31 per URS share, which, according to AECOM, is a 19 percent premium of URS’ 30-day average closing price.

Terms of the reported deal also state URS stockholders will received a tax-free consideration of the equivalent of $33 per share. The stockholders will also receive 0.734 shares of AECOM common stock for each URS share.

While AECOM stockholders will continue to retain their respective shares once the merger is complete, the URS counterparts will reportedly have shares that account for about 35 percent of the combined company.

Bank of America is providing debt financing on the merger, according to an AECOM statement.

The boards of both companies have reportedly unanimously approved terms of the merger; the merger still must undergo regulatory approvals and gain the support of stockholders on both sides.

According to a statement released by AECOM, the merger is expected to be complete in October.

“AECOM will become one of the largest companies by revenue in the engineering and construction industry. The combined firm will be headquartered in Los Angeles and will be the largest publicly traded company in that city. AECOM also expects to maintain a key operational presence in San Francisco, where URS is headquartered,” an AECOM statement said.

Michael S. Burke will helm the combined company.

“Building on AECOM’s experience of adding new skill sets and delivering them across our established global platform, we anticipate a smooth and seamless integration,” Burke stated. “We are developing integration plans that will enable us to bring together the best of both organizations. The process will be led by executives of both companies.”

The merger could result in $250 million in “cost-saving synergies” by the end of the 2016 fiscal year.

Locally, AECOM provided an in-depth study of the return of the streetcar in Los Angeles and provided architectural services for enhancements at LAX.

Also, AECOM is involved with the improvements at Dodger Stadium, which include planes for 100,000 square feet of office space, restaurants, and retail.

AECOM  is also working on major redevelopment in the South Park district of Downtown Los Angeles. South Park is the area adjacent to Staples Center and L.A. Live.

Related Posts

Breakaway Café Opens New Venice Location with Beachside Grab-and-Go Window

November 20, 2024

November 20, 2024

Bayse Brothers Bring Their Signature Breakfast Dishes and Good Vibes to Venice Breakaway Café, a popular breakfast and lunch eatery...

Last Minute Additions to the Best Thanksgiving 2024 Feasts and Pies To Go

November 20, 2024

November 20, 2024

If Other Faves are Sold Out, Here’s All The Quality Places to Try Now Celebrity chefs Susan Feniger and Mary...

Everytable’s Holiday Meal Collaboration To Support LA’s Unhoused Youth

November 20, 2024

November 20, 2024

Chef Created Thanksgiving Meal Benefits My Friend’s Place. Everytable, the mission-driven company committed to making scratch-cooked, nutritious meals accessible to...

Los Angeles City Council Codifies Sanctuary Protections for Migrants with New Citywide Ordinance

November 19, 2024

November 19, 2024

Mayor Bass Prioritized the Ordinance after Trump’s Mass Deportation Threats The Los Angeles City Council voted unanimously Tuesday to officially...

The Palms Community Council’s Executive Committee Schedules Special Meeting for Nov. 20

November 19, 2024

November 19, 2024

Meeting to Address Open Board Positions and Committee Updates The Executive Committee will hold a special meeting on Wednesday, Nov....

Hammer Museum Presents 10th Edition of MoMA Contenders: Screenings, Conversations with Top Filmmakers

November 19, 2024

November 19, 2024

Lineup Features Films by Steve McQueen, Sean Baker, and Brady Corbett The Hammer Museum will host the 10th edition of...

Film Review: Wicked

November 19, 2024

November 19, 2024

By Dolores Quintana Director John Chu (Crazy Rich Asians, In The Heights) has crafted an effervescent take on the blockbuster...

Randy’s Donuts Arrives in Culver City with Free Donuts and a $250 Gift Card Giveaway

November 19, 2024

November 19, 2024

Grand Opening on November 19 Includes Sweet Giveaways Starting at 6:00 a.m. The time is finally here. Randy’s Donuts is...

Nicole Nagel’s Futuristic Eric Moss Designed Brentwood Home To Hit Auction Block

November 18, 2024

November 18, 2024

The Spaceship-Like Property Heads to Auction With No Reserve in December German actress Nicole Nagel, who was part of the...

LA Controller Kenneth Meija: City Left $513 Million of Homelessness Budget Unspent

November 18, 2024

November 18, 2024

Inefficiencies Blamed for Underspending Despite Record Allocation in FY2024  The City of Los Angeles hasn’t spent over half of its...

West LA College Expands Zero-Cost Textbook Programs with $600K Grant

November 18, 2024

November 18, 2024

College Aims for 50 Zero-Cost Textbook Programs by 2025  West Los Angeles College (West) is expanding its zero-cost textbook program...

(Video) At Vistamar School – Discover the way high school should be

November 18, 2024

November 18, 2024

Students achieve remarkable outcomes with our strong academics, small classes, andpersonalized approach. Our graduates don’t just attend college—they excel. Vistamar’sunique...

(Video) Celebrating 60 Years of Excellence in Education

November 18, 2024

November 18, 2024

Join our international community! Preschool through 12th grade, private school in West Los Angeles and Pacific Palisades, No French knowledge required...

Missing Person Alert: Authorities Seek Help to Find Michelle Lerner, 63, in Culver City

November 18, 2024

November 18, 2024

Woman Was Last Seen Near Prospect Avenue and Venice Boulevard  Authorities are asking for the public’s assistance in locating a...

Lodge Bread To Open New Beverly Hills Location on November 22

November 18, 2024

November 18, 2024

Popular Bakery Will Offer Its Signature Sourdoughs and Pastries  Lodge Bread, a highly regarded West Los Angeles bakery and café,...