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Cardno Ltd Acquires U.S. Based Structural Engineering Firm

Tuesday, 8 Oct 2013 06:25pm EDT 

Cardno Ltd announced that it has signed an agreement to acquire Haynes Whaley Associates, a 100 person structural engineering firm headquartered in Houston Texas, with additional offices in Reston, Virginia and Austin, Texas. The acquisition has an effective date of October 8, 2013. Once the agreement is finalized, Cardno will pay up to USD22.25 million for the purchase of Haynes Whaley Associates. Around 10% of the purchase price is subject to achieving performance targets over the next 12 months, with an additional 15%)of the purchase price deferred for 24 months. Haynes Whaley will become a part of Cardno‚Äôs American operations and will operate as Cardno Haynes Whaley, Inc. moving forward. The acquisition is funded by an approximate mix of 75% cash and 25% shares. Approximately 550,545 shares will be issued at a price of $6.21 per share. The cash component will be funded from available cash and debt facilities. Shares issued as part of the deferred payment and earn-out will be based on the 10 day volume average weighted price at the time of payment. 

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18 Dec 2014