International consultant Arcadis is set to buy cost consultant EC Harris, in a move that will see the firms merge to have 19,000 staff and revenues of €2.3bn (£2bn), it was announced today.
EC Harris’s business includes cost consultancy, project and programme management and is positioned as a built asset consultant. Net revenue for its last financial year, ending in April, was £222M. The company is owned by about 180 partners and employs some 2,600 people worldwide.
Arcadis will finance the merger by issuing 3M shares to current EC Harris partners, in addition to an undisclosed cash amount, drawing upon its existing credit facilities.
The EC Harris leadership team will remain in place, with Philip Youell continuing as chief executive and joining the Arcadis Senior Management Committee.
The merger is subject to EC Harris partner approval and related closing requirements. Twenty eight of the senior partners, including all executive members of the EC Harris Board, have signed irrevocable undertakings in support of the transaction. It is anticipated that completion will take place next month.