Jacobs to buy SKM for £765M

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US consulting giant Jacobs has signed an agreement to take over Sinclair Knight Merz (SKM) in a deal worth £765M, subject to shareholder approval.

SKM said the deal, described as a merger, represents the best way for it to achieve it’s vision to broaden its business across geographies, sectors and skills.

Jacobs is around 10 times bigger than SKM, employing 65,000 staff working in over 25 countries around the world from 200 offices.

Jacobs president and chief executive Craig Martin said “Our capabilities and geographies have little overlap, enabling us together to continue to expand our client relationships and provide significant opportunities for our employees.

The deal is expected to be finalised by the first quarter of Jacobs’s 2014 financial year and will be earnings accretive to the business.