Aecom acquires Tishman Construction

Aecom has acquired Tishman Construction for US$ 245 million. Tishman Construction provides construction management services in the US and UAE.

Aecom president and CEO, John Dionisio said, "This acquisition is a unique opportunity that combines two best-in-class industry leaders to form a fully integrated global platform capable of delivering the full suite of services from project concept to completion.

Mr Dionisio said that the strategic addition of Tishman will result in an increased global presence and bolstered resources for integrated delivery of mega-projects.

Tishman chairman and CEO, Dan Tishman said, "Joining Aecom is the logical next step in the continued growth and success of Tishman, allowing us to expand our reach globally and seize new opportunities as part of the worldwide Aecom team."

Under the terms of the acquisition Mr Tishman will continue to head the company's operations and will also serve as vice chairman and board director at Aecom.

"We have worked in partnership with Aecom for many years and now look forward to Tishman becoming the cornerstone of Aecom's construction management practice as well as offering our people the expanded professional development opportunities associated with being part of a global industry leader," he said.

The acquisition will be paid in cash and Aecom common stock.