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SNC-Lavalin swoops for Atkins

Potential deal for UK engineering outfit valued at $3.5bn

SNC-Lavalin swoops for Atkins image

SNC-Lavalin has launched a takeover approach for UK engineering company Atkins in a deal valued at around $3.5bn.

The Canadian-based global construction and engineering outfit is seeking to secure the entire share capital at a price of 2080p per share, in cash.

SNC-Lavalin confirmed it was in discussions with Atkins, which is active in industries including offshore wind.

A firm offer is contingent of pre-conditions including due diligence and the recommendation of the Atkins board.

If the deal proceeds, up to $1.9bn will come from Caisse de Depot et Placement du Quebec in the form of $400m in equity and $1.5bn in non-recourse financing.

Under takeover rules a full offer, if it materialises, must be made before 5pm on 1 May 2017.

Image: the Atkins resume includes work on the Dounreay Tri project off Scotland (Hexicon) 

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