30 July 2012 14:05 [Source: ICIS news]
The acquisition, which is subject to shareholder and regulatory approval, will create a leading global, energy-focused engineering, procurement and construction company, CB&I said.
“By adding them [Shaw] into the CB&I family, we will become fully diversified across the entire energy sector, from power generation to LNG, from refining to gas processing, from offshore to oil sands, and beyond," said president and CEO Philip Asherman.
“We will have the capabilities and the expertise to provide our clients with the full range of solutions, wherever they are in the world,” he added.
CB&I will acquire Shaw for $46.00 per share in cash and stock in a deal that will equate to an enterprise value of approximately $2.0bn, it said.
CB&I plans to operate Shaw as a business sector under the brand name CB&I Shaw. Asherman will be the president and CEO of the combined company.
The deal is expected to close in the first quarter of 2013.
In May, Shaw agreed to sell its energy and chemicals business to France-based Technip for $300m.
The deal included Stone & Webster technology that has been used in more than 120 of the 260 ethylene plants worldwide.
($1 = €0.81)
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