Aecom has successfully completed the sale of its civil construction arm to affiliates of Oroco Capital, a strategic infrastructure investor also
The sale of its civil construction division comes after Aecom sold its power construction business in October.
The company has now exited all of its self-perform, at-risk construction businesses.
‘A significant milestone in the transformation of our business’
Troy Rudd, Aecom’s chief executive officer, said: “The completion of the sale of the civil construction business marks a significant milestone in the transformation of our business profile to best position Aecom for long-term success.
“As global leaders in the infrastructure, environment and water markets, we are poised to capitalise on our clients’ increasing demand for our consulting services to transform cities, achieve bold ESG ambitions and better the communities we serve.
“With the progress we have made on our key strategic priorities, our advancement of our ‘Think and Act Globally’ strategy to drive growth and the momentum in the business, we remain committed to repurchasing shares in order to fully capitalise on the value creation opportunity.”
Wachtell, Lipton, Rosen & Katz served as legal advisor to Aecom in connection with the transaction, and DBO Partners LLC served as its financial advisor.
Aecom has also announced that it has executed nearly $150m (~£110m) of share repurchases since its fourth-quarter fiscal 2020 earnings announcement on November 16, 2020.
Since September 2020, the company has executed more than $600m of share repurchases. As a result, diluted shares outstanding has been reduced by approximately 8%.
