Deals
Aecom Reaches $2.4 Billion Deal for Management Services Unit
- American Securities and Lindsay Goldberg to buy division
- Company to use proceeds to pay down debt, fund share buyback
Jeff Smith, chief executive officer of Starboard Value LP, speaks during a Bloomberg Television interview on Feb. 5, 2019.
Photographer: Christopher Goodney/BloombergThis article is for subscribers only.
Aecom, targeted by activist investor Starboard Value, agreed to sell its management services division to a consortium of private equity firms including Lindsay Goldberg and American Securities for $2.4 billion.
The Los Angeles-based firm, one of the world’s top engineering and design groups, plans to use the proceeds from the sale to reduce debt and to repurchase stock, it said in a statement Monday, confirming an earlier report in Bloomberg News. The transaction is expected to close in the first half of fiscal year 2020, it said.