Spanish construction firm Ferrovial announced today that it has offered to acquire UK support services group, Amey for £81 million. The board of Amey has recommended that its’ shareholders accept the offer.
‘The offer from Ferrovial delivers value to Amey’s shareholders as it represents a significant premium on our current share price,’ said Mel Ewell, Chief Executive of Amey.
Amey, one of the leading services companies in the UK, focuses on comprehensive management of infrastructure (principally roads, railways and underground rail), street lighting, facility management and business process outsourcing (BPO).
‘With this acquisition, Ferrovial will obtain a strong position in the United Kingdom, a key European market with the most experience of outsourcing services,’ said JoaquÃn Ayuso, Chief Executive Officer of Ferrovial.
‘We will also obtain critical mass and know-how in the PFI (Private Finance Initiative) markets. Our objectives in terms of internationalisation are to enhance our exposure to OECD countries, in this case the United Kingdom, where we have had a presence since 2001.’
‘The company’s scope for value creation is one of the plus points in this acquisition’ added Inigo MeirÃ¡s, General Manager of Services division of Ferrovial. ‘Despite its financial difficulties experienced by the company in 2002, Amey’s operations are healthy with a sound portfolio of strategic businesses, it has a solid commercial and operating base, and a good management team.’