Stantec completes acquisition of select Cardno businesses to grow Environmental Services and Infrastructure footprint
Stantec (TSX, NYSE: STN) has successfully completed its acquisition of Cardno's North America and Asia Pacific engineering and consulting groups for US$500 million.
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Rhea-AI Summary
Stantec (TSX, NYSE: STN) has successfully completed its acquisition of Cardno's North America and Asia Pacific engineering and consulting groups for US$500 million. This strategic move enhances Stantec's market presence, particularly in Australia, substantially increasing its workforce by 2,750 employees. CEO Gord Johnston emphasized the growth opportunities in environmental services and U.S. stimulus spending as key benefits. Over 99% of Cardno shareholders approved the acquisition, indicating strong support from stakeholders.
Positive
- Acquisition of Cardno enhances Stantec's market presence in Australia.
- Increased workforce by 2,750 employees from Cardno.
- Strategic growth in environmental services and exposure to U.S. stimulus spending.
Negative
- None.
Details
News Market Reaction – STN
The recorded move for STN in the trading session of this news was -1.78%.
Data tracked by StockTitan Argus. Session date unavailable.
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EDMONTON, Alberta, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Stantec (TSX, NYSE: STN), a global leader in sustainable design and engineering, today announced that it has completed the previously announced acquisition of the North America and Asia Pacific engineering and consulting groups (“the Acquisition”) of Cardno Limited (“Cardno”).
“Since announcing the Acquisition in October, both Stantec and Cardno employees have been very eager to begin collaborating with each other. I would like to welcome Cardno’s 2,750 employees to Stantec today and I look forward to the tremendous opportunities that lie ahead,” said Gord Johnston, President and Chief Executive Officer. “In Australia, Cardno nearly doubles our presence and gives us the critical mass in talent and services to establish ourselves as a major participant and propel our growth in that market. In the US, we will benefit from our increased presence in the environmental services space, and our increased exposure to US stimulus spending. We are excited to have Cardno’s talented employees on board to grow with us.”
Cardno shareholders voted overwhelmingly in favor of the Acquisition, with more than
Pursuant to the agreement announced by both firms on October 21, 2021, the Acquisition was completed for aggregate cash consideration of US
About Stantec
Communities are fundamental. Whether around the corner or across the globe, they provide a foundation, a sense of place and of belonging. That's why at Stantec, we always design with community in mind.
We care about the communities we serve—because they're our communities too. This allows us to assess what's needed and connect our expertise, to appreciate nuances and envision what's never been considered, to bring together diverse perspectives so we can collaborate toward a shared success.
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