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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.

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