Worley Parsons to acquire Jacobs’ ECR

Company News

by Anna Napoli

WorleyParsons (ASX:WOR) has today announced the acquisition of Jacobs ECR for an enterprise value of US$3.3 billion.

The deal is expected to deliver around 20 per cent earnings per share accretion on a financial year 18 pro-forma basis.

The professional services company says the deal will be partly funded by a A$2.9 billion entitlement offer and the issuance of A$985 million in WorleyParsons stock to Jacobs.

The takeover is still subject to certain conditions and regulatory approvals.

It is expected the acquisition will complete in the first half of 2019.

Jacobs' ECR is a leading global technical services provider across Hydrocarbons, Chemicals and Mining and Minerals.

Shares in Worley Parsons (ASX:WOR) are currently in a trading Halt shares last traded at $17.84

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.