ΜΪΡΆΜεΣύΦ±²₯ announces sale of its Power construction business to CriticalPoint Capital
LOS ANGELES (Oct. 16, 2020) β ΜΪΡΆΜεΣύΦ±²₯ (NYSE:ACM), the worldβs premier infrastructure consulting firm, today announced the closing of the sale of its Power construction business to affiliates of CriticalPoint Capital, LLC.
βThe sale of the Power construction business marks another milestone in the successful execution of our transformation into a higher-margin, lower-risk Professional Services business,β said Troy Rudd, ΜΪΡΆΜεΣύΦ±²₯βs chief executive officer. βWe have built significant momentum in our business and continue to advance efforts to align our organization around a global structure that fosters a culture of collaboration, better connects our expertise and focuses on our best growth opportunities. On behalf of our company, I thank the Power construction team for their contributions over the years and wish the business and CriticalPoint Capital the best of success.β
Wachtell, Lipton, Rosen & Katz served as legal advisor to ΜΪΡΆΜεΣύΦ±²₯ in connection with the transaction, and DBO Partners LLC served as its financial advisor.
ΜΪΡΆΜεΣύΦ±²₯ (NYSE:ACM) is the worldβs premier infrastructure consulting firm, delivering professional services throughout the project lifecycle β from planning, design and engineering to program and construction management. We partner with our clients in the public and private sectors to solve their most complex challenges and build legacies for generations to come. On projects spanning transportation, buildings, water, governments, energy and the environment, our teams are driven by a common purpose to deliver a better world. ΜΪΡΆΜεΣύΦ±²₯ is a Fortune 500 firm and its Professional Services business had revenue of approximately $13.6 billion in fiscal year 2019. See how we deliver what others can only imagine at aecom.com and @ΜΪΡΆΜεΣύΦ±²₯.
All statements in this communication other than statements of historical fact are βforward-looking statementsβ for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of ΜΪΡΆΜεΣύΦ±²₯. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; ΜΪΡΆΜεΣύΦ±²₯ Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the Power transaction and other recent acquisitions and divestitures, including the risk that the expected benefits of such transactions or any contingent purchase price will not be realized within the expected time frame, in full or at all; the risk that costs of restructuring transactions and other costs incurred in connection with recent acquisitions and divestitures will exceed our estimates or otherwise adversely affect our business or operations; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
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