Global consultant Aecom has bought project management and cost consultant Davis Langdon for $324M (£204M).
Davis Langdon had a turnover of £270M last year and made a pre-tax profit of £34M, according to NCE’s Consultant’s File 2010. It has 2,800 staff, of which half are technical staff, says the File.
“Davis Langdon’s strong cost and project management capabilities bolster our growing portfolio of construction management services,” said Aecom president and CEO John Dionisio.
Davis Langdon is known for its work on the Tate Modern and the Eden Project in the UK and has operations in Africa, Australia, New Zealand the Middle East, the US as well as in the rest of Europe.
“The addition of Davis Langdon to Aecom will enhance our higher-margin program management and construction management offering,” said Aecom executive vice president and chief financial officer Michael Burke.
Davis Langdon is expected to receive approximately 80% in cash and 20% in Aecom common stock. The transaction is expected to close in October. The acquisition has been approved by Davis Langdon shareholders and partners, and is subject to customary closing conditions, including necessary regulatory and third party approvals.