WorleyParsons gets clearance for Texas-based Jacobs buy

Company News

by Rachael Jones

WorleyParsons (ASX:WOR) is pleased to announce that the Hart-Scott-Rodino Act and Rules antitrust clearance has been received in the US regarding their acquisition of Texas-based Jacobs Engineering Group.

The HSR Act provides that parties must not complete certain mergers, acquisitions or transfers of securities or assets, until they have made a detailed filing with the US Federal Trade Commission and Department of Justice.

Chris Ashton is appointed as Chief Operating Officer, to lead the integration and the development of a new strategy for the transformation and growth of the new combined business. Tom Honan will remain as CFO.

The acquisition is on target for completion between late February and April 2019. After, the Company will employ over 57,000 people across the globe.

Shares in WorleyParsons (ASX:WOR) closed 2.53 per cent lower to $13.50 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.