WorleyParsons to acquire AFW UK

WorleyParsons to acquire AFW UK”

Britain's Competition and Markets Authority (CMA) said in August the merger could lead to competition concerns in the supply of engineering and construction services and operation and maintenance services on the United Kingdom continental shelf.

Engineering group WorleyParsons is seeking to raise $322 million to fund the acquisition of AFW UK Oil & Gas, which provides services to the oil and gas sector in the UK.

WorleyParsons said AFW UK has maintainable revenue of about GBP350 million and earnings before interest, tax, depreciation and amortization of GBP20 million a year.

The acquisition comes as competitor Amec FosterWheeler divests assets to assuage competition concerns related to its takeover by the UK's John Wood Group.

Buying AFW UK, which offers engineering and construction services on the United Kingdom continental shelf, will accelerate WorleyParsons' efforts to build a global business offering maintenance, modifications and operations.

WorleyParsons said AFW UK is a leader in its field on the UK Continental Shelf.

WorleyParsons will raise capital to pay for the acquisition via a 1 for 10 full underwritten, pr-rata, accelerated entitlement offer.

The new shares will be issued at $13.00 - an 8.7 per cent discount to WorleyParsons' closing price on Friday of $14.24.

WorleyParsons has hired UBS AG as its financial adviser on the acquisition and lead manager of the share offer.

The purchase is tipped to earnings accretive, reduce its net debt and bolster its EBITDA.

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