- Stantec (STN) completes acquisition of select Cardno businesses to grow its environmental services and infrastructure footprint
- Stantec will welcome Cardno’s 2,750 employees and will be collaborating with them very soon
- Cardno shareholders voted overwhelmingly in favor of the acquisition, with more than 99 per cent of voted shares approving the acquisition
- The acquisition was completed for aggregate cash consideration of US$500 million financed through Stantec’s existing funds
- Stantec is a global engineering and construction firm
- Stantec (STN) is down 1.91 per cent, trading at C$71.03 at 3:39 pm EST
Stantec (STN) has acquired the North America and Asia Pacific engineering and consulting groups of Cardno Limited.
Gord Johnston, President and CEO of Stantec commented on the news.
“Since announcing the acquisition in October, both Stantec and Cardno employees have been very eager to begin collaborating with each other. I would like to welcome Cardno’s 2,750 employees to Stantec today and I look forward to the tremendous opportunities that lie ahead.”
“In Australia, Cardno nearly doubles our presence and gives us the critical mass in talent and services to establish ourselves as a major participant and propel our growth in that market. In the US, we will benefit from our increased presence in the environmental services space, and our increased exposure to US stimulus spending,” added Johnston.
Cardno shareholders voted overwhelmingly in favour of the acquisition, with more than 99 per cent of voted shares approving the acquisition.
Pursuant to the agreement announced by both firms on October 21, the acquisition was completed for aggregate cash consideration of US$500 million financed through Stantec’s existing funds and credit facilities.
Stantec is a global engineering and construction firm. The company’s services include engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics.
Stantec (STN) is down 1.91 per cent, trading at C$71.03 at 3:39 pm EST.
