Stantec Inc. Acquires Select Assets of Cardno Limited
Oct 21, 2021 By MarketDepth
Stantec Inc. (TSX, NYSE: STN) today announced its entry into share purchase agreements and will acquire the North America and Asia Pacific engineering and consulting groups of Cardno Limited.
$620 Million for Select Assets
Stantec will acquire the select assets for aggregate cash consideration of CA$620 million with Cardno’s Latin American operations and International Development business excluded from the acquisition.
Deal Closing in 2021
The deal also adds 2,750 employees to Stantec’s operations, doubling its Australian footprint to 2,500 employees and pushing its number of employees in the United States to 10,500. Furthermore, the company now expects 2022 net revenue of approximately CA$430 million, with the acquisition expected to close by the end of 2021.
“We have worked closely with Cardno for many years. Cardno Group CEO, Susan Reisbord and her team have done a remarkable job in transforming their organization and returning Cardno to a strong growth path. Cardno’s key strengths in ecosystem restoration, health sciences, infrastructure, water, and government services are completely complementary to Stantec’s offerings in these growing sectors of the United States and Australia.”Gord Johnston, President and Chief Executive Officer