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CH2M shareholders approve Jacobs merger

NCE stock business

Shareholders of CH2M have approved a merger of the company with Jacobs.

Preliminary results show that around 95.57% of the shareholders voted in favour of the merger.

Stockholders also voted on the how they would be paid, either cash, company stock or a mix of both. The results found 21.5% voted to receive the cash and 66.7% to get the stock, leaving 9.3% voting for a combination.  Of the shareholders, 2.4% did not vote, or their vote was invalid, and they were treated as if they had elected to receive the mix of shares and cash.

The CH2M board of directors wrote to shareholders in September urging them to vote in favour of the merger after it was announced in August. The acquisition, which will see Jacobs grow by an estimated 20,000 to 74,000 staff, will make it one of the world’s largest engineering consultants.

The overall deal has an enterprise value - the measurement of CH2M’s total value - of around £2.47M ($3.27bn), which includes approximately £315M ($416M) of CH2M net debt.

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