EC Harris merger agreed
A deal has been approved for a Dutch engineering firm to buy consultancy EC Harris.
A formal vote by EC Harris’ 183 partners on 31 October, saw 99 per cent agree to the company merging with Arcadis.
The deal, which has been designed to boost Arcadis’ European and Middle Eastern businesses, will see the Dutch company issue 3 million shares to EC Harris partners and pay an undisclosed cash amount from its existing credit facilities.
EC Harris describes itself as a ‘built asset consultancy’ and operates in a range of different areas including affordable housing.
With the merger formally approved, the deal will be completed on 4 November.
Philip Youell, chief executive of EC Harris said: ‘Since announcing our plans we have had an overwhelmingly positive reaction from our partners, people, clients and the market.
‘Arcadis and EC Harris are a natural fit and there is genuine excitement about the opportunities that the merger presents.
‘We will now begin the process of integrating our two firms, with EC Harris retaining its brand within the wider group.’
Harrie Noy, chief executive of Arcadis, said: ‘I truly believe that the leadership position our combined firms have in project management and related consultancy services offers genuine opportunities for expansion in key emerging markets while at the same time giving us a strong base in the well-developed UK consultancy market, a position we have aspired to achieve for many years. ‘
Arcadis said the merger means the company will grow to almost 19,000 professionals and €2.3 billion revenues.
EC Harris will take up a company-wide remit within Arcadis, taking up a leadership role in the global buildings business line and driving the development of the programme and project management services.