Shares in WS Atkins rose by more than 5% on Friday after SNC-Lavalin finalised a deal to buy the British engineering consultancy for £2.1bn.
SNC-Lavalin will pay £20.80 for each Atkins share. This is a 35% premium on the closing price on March 31 which was the last day before talks between the two companies were announced.
Stephen Rawlinson, director of UK advisory Applied Value said: “There is no doubt that SNC-Lavalin are buying a good business in which most of the heavy lifting has been done and which is operating in favourable markets.”
The deal is expected to close by September, and is being funded by a combination of equity and debt.