AMEC Buys Australian Engineering Firm Zektin Group For US$48.4MM

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
48MM
Description

To acquire engineering firm, expanding capability on Australia's east coast.

AMEC Plc, London, (London: AMEC) has acquired Australian engineering consultancy Zektin Group for AUD$48 million (approximately US$48.4 million) in cash.

The purchase price includes a payment of AUD$37 million (US$37.3 million) at closing with the balance due over the next two years.

Zektin provides front-end engineering design and engineering services to the oil and gas industry.

AMEC chief operating officer Neil Bruce says, "Acquiring Zektin is another important step in our growth strategy in Australia and in the oil and gas sector. The acquisition provides AMEC with oil and gas capability on the east coast of Australia, as well as access to the CSM sector, which is one of our target markets. I am delighted to welcome this team of professional consultants to AMEC."

The deal was expected to close in late February 2011.