Engineering and environmental consultancy Waterman Group is to be sold to the Japanese engineering firm CTI Engineering.
The cash offer means Waterman shareholders will receive £1.40 per share, and values Waterman at £43M. Waterman will operate as an independent business within the CTI Group.
Waterman chair Michael Baker said he believed the move would provide more opportunities for staff and give it a boost in key markets such as highways and flood defence.
“The Waterman board believes that the CTI proposal provides considerable opportunities for our people and enhances our capabilities and expertise in several key markets, including highways and flood defence,” he said.
“Waterman should expand our technical capacity to serve clients in the property and building construction sectors internationally. Waterman’s knowledge and experience of working with both private and public sector clients in English speaking markets should provide an excellent strategic fit with our group of companies as we seek to take advantage of the opportunities that exist beyond our domestic market,” added CTI President Kazuo Murata.
“Our investment in Waterman is a clear sign of our belief in the United Kingdom as a place to do business and its strategic importance in serving international markets. We are also excited about the possibility to build on Waterman’s foothold in the Australian market and, through its office in Ireland, within Europe.”