SKM and Jacobs engineering companies to merge
Sinclair Knight Mertz (SKM) and Jacobs Engineering announced today that they have signed an agreement to merge their companies, with Jacobs acquiring SKM. The SKM board of directors believes the merger proposal is in the best interests of SKM shareholders and unanimously recommends that the shareholders vote in favour of the proposal.
The merger proposal follows a detailed review by SKM of the strategic options available in order to best position the group to achieve its long-term vision and objectives. The process has involved interactions between SKM and Jacobs to ensure a strong fit and alignment between the two organisations, which were found to share the same values and beliefs.
SKM CEO and Managing Director Santo Rizzuto said the merger “uniquely positions us amongst our global peers and opens the way for us to achieve even greater things in the future ... [adding] scale, diversification and growth opportunities to our business”.
Jacobs President and CEO Craig Martin said the combination strongly delivers on the company’s strategic ambitions. He said that while “SKM’s culture, values and operating philosophy are very compatible with ours ... 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 merger proposal will be implemented by way of two separate but interconditional schemes of arrangement between SKM and its shareholders, which (subject to Court approval) will be voted on by SKM shareholders at meetings expected to be held in November-December 2013.
Independent expert Lonergan Edwards & Associates has been appointed by the board of SKM to determine if the merger proposal is in the best interests of SKM shareholders.
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