AECOM announces sale of its Power construction business to CriticalPoint Capital
October 16 2020 - 6:55AM
Business Wire
AECOM (NYSE:ACM), the world’s premier infrastructure consulting
firm, today announced the closing of the sale of its Power
construction business to affiliates of CriticalPoint Capital,
LLC.
“The sale of the Power construction business marks another
milestone in the successful execution of our transformation into a
higher-margin, lower-risk Professional Services business,” said
Troy Rudd, AECOM’s chief executive officer. “We have built
significant momentum in our business and continue to advance
efforts to align our organization around a global structure that
fosters a culture of collaboration, better connects our expertise
and focuses on our best growth opportunities. On behalf of our
company, I thank the Power construction team for their
contributions over the years and wish the business and
CriticalPoint Capital the best of success.”
Advisors
Wachtell, Lipton, Rosen & Katz served as legal advisor to
AECOM in connection with the transaction, and DBO Partners LLC
served as its financial advisor.
About AECOM
AECOM (NYSE:ACM) is the world’s premier infrastructure
consulting firm, delivering professional services throughout the
project lifecycle – from planning, design and engineering to
program and construction management. We partner with our clients in
the public and private sectors to solve their most complex
challenges and build legacies for generations to come. On projects
spanning transportation, buildings, water, governments, energy and
the environment, our teams are driven by a common purpose to
deliver a better world. AECOM is a Fortune 500 firm and its
Professional Services business had revenue of approximately $13.6
billion in fiscal year 2019. See how we deliver what others can
only imagine at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of
historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including any statements of the
plans, strategies and objectives for future operations,
profitability, strategic value creation, coronavirus impacts, risk
profile and investment strategies, and any statements regarding
future economic conditions or performance, and the expected
financial and operational results of AECOM. Although we believe
that the expectations reflected in our forward-looking statements
are reasonable, actual results could differ materially from those
projected or assumed in any of our forward-looking statements.
Important factors that could cause our actual results, performance
and achievements, or industry results to differ materially from
estimates or projections contained in our forward-looking
statements include, but are not limited to, the following: our
business is cyclical and vulnerable to economic downturns and
client spending reductions; impacts caused by the coronavirus and
the related economic instability and market volatility, including
the reaction of governments to the coronavirus, including any
prolonged period of travel, commercial or other similar
restrictions, the delay in commencement, or temporary or permanent
halting of construction, infrastructure or other projects,
requirements that we remove our employees or personnel from the
field for their protection, and delays or reductions in planned
initiatives by our governmental or commercial clients or potential
clients; losses under fixed-price contracts; limited control over
operations run through our joint venture entities; liability for
misconduct by our employees or consultants; failure to comply with
laws or regulations applicable to our business; maintaining
adequate surety and financial capacity; high leverage and potential
inability to service our debt and guarantees; exposure to Brexit;
exposure to political and economic risks in different countries;
currency exchange rate fluctuations; retaining and recruiting key
technical and management personnel; legal claims; inadequate
insurance coverage; environmental law compliance and adequate
nuclear indemnification; unexpected adjustments and cancellations
related to our backlog; partners and third parties who may fail to
satisfy their legal obligations; AECOM Capital real estate
development projects; managing pension cost; cybersecurity issues,
IT outages and data privacy; risks associated with the benefits and
costs of the Power transaction and other recent acquisitions and
divestitures, including the risk that the expected benefits of such
transactions or any contingent purchase price will not be realized
within the expected time frame, in full or at all; the risk that
costs of restructuring transactions and other costs incurred in
connection with recent acquisitions and divestitures will exceed
our estimates or otherwise adversely affect our business or
operations; as well as other additional risks and factors that
could cause actual results to differ materially from our
forward-looking statements set forth in our reports filed with the
Securities and Exchange Commission. Any forward-looking statements
are made as of the date hereof. We do not intend, and undertake no
obligation, to update any forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201016005098/en/
Investor: Will Gabrielski Senior Vice President, Investor
Relations 213.593.8208 William.Gabrielski@aecom.com
Media: Brendan Ranson-Walsh Vice President, Global
Communications & Corporate Responsibility 213.996.2367
Brendan.Ranson-Walsh@aecom.com
AECOM (NYSE:ACM)
Historical Stock Chart
From Aug 2024 to Sep 2024
AECOM (NYSE:ACM)
Historical Stock Chart
From Sep 2023 to Sep 2024