December 7, 2015 / 7:50 AM / 3 years ago

Fluor to buy Stork of the Netherlands for $755 million

AMSTERDAM (Reuters) - Fluor Corporation said on Monday it would buy Dutch engineering and construction firm Stork [LNDACO.UL] from its private equity owner Arle Capital, for $755 million.

The deal offers around seven times Storks’ annual earnings before interest, taxes, depreciation and amortization (EBITDA) of 100 million euros ($109 million), the companies said.

Stork’s main business is in modifying and maintaining large gas, oil and power plants.

Fluor said the acquisition would combine well with its own operations in the same industry and give it access to Stork’s customer base, which spans the globe but is most focused in Europe.

Candover bought Stork in 2008 in a 1.6-billion-euro deal and ownership transferred to Arle in 2010 as part of agreements Candover made when it decided to wind itself down.

Arle combined some of Stork’s operations with Scotland’s RBG, which it purchased in 2011.

Arle split off one of Stork’s former divisions, aerospace component maker Fokker Technologies, in 2012. It sold it for 706 million euros in July.

($1 = 0.9200 euros)

Reporting by Toby Sterling; editing by Mark Potter and Jason Neely

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