29 Jun 2012 | 10:19 am |
International law firm Pinsent Masons LLP has advised AMEC plc, the international engineering and project management company, on the acquisition of Serco Group plc’s nuclear Technical Services (TS) business for a cash consideration of £137 million.
TS is based at a number of sites in the UK and has around 600 staff providing consulting and project solutions for customers including the Ministry of Defence, EDF, Magnox and the Nuclear Decommissioning Authority.
Mike Saunders, President of AMEC’s Power & Process Europe business, added: "This is an exciting opportunity to combine the world-class skills of two businesses that are renowned both for their safety culture and for delivering to their customers. It further demonstrates our commitment to growth in this sector and strengthens AMEC’s position on the global stage.”
TS had revenues of some £70 million in 2011 and its earnings before interest, tax and amortisation were c. £13 million. It will be integrated into AMEC during 2012 and is expected to be earnings enhancing from 2013. It is targeted to achieve its weighted average cost of capital by the second full year.
The Pinsent Masons team advising AMEC was led by Helen Ridge and Anna Whetham and included Amie Norris, Jon Robinson and Phil Birchall.
Helen Ridge commented "We are delighted to have supported AMEC again on a strategic acquisition as it continues to expand its clean energy business".
Iain Clarkson, Vice President Finance, AMEC Power Process Europe added "Pinsent Masons have yet again been an integral part of our team providing pragmatic commercial advice and supporting us to deliver the deal on time".
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