International engineering and construction provider AECOM could complete the $2.4 billion sale of its government contracting division to a joint venture of two New York investment firms within days, a company official said Tuesday in Alexandria, Va.
Eric Knox, an AECOM vice president for strategic development for nuclear and environment, cited the impending change during a panel discussion at a Institute of Nuclear Materials Management conference in Alexandria, Va. “This is the last time I will introduce a panel as an employee of AECOM. As of next Monday, I’ll be an employee of Amentum. Doesn’t mean I’m changing jobs, it’s just that our company is selling off the division I work in.”
The sale of the Management Services business to an affiliate of American Securities LLC and Lindsay Goldberg LLC could be called off by either side of the transaction if it fails to close by Feb. 12 according to an AECOM financial filing in October with the Securities and Exchange Commission.
The parties could extend the deadline until April 12, according to the filing. But the deal could close as soon as Friday, Knox indicated.
Amentum is the Greek word for a leather strap attached to a javelin used in ancient athletics to make it travel farther, straighter, and faster.
Management Services recorded $4.1 billion in revenue during AECOM’s 2019 fiscal year, up from $3.69 billion in fiscal 2018, the company has reported.
The Maryland-based government contracting business has operations in 48 states and 28 countries, and employs over 25,000 people, with more than 10,000 holding a security clearance, according to a buyers’ press release when the deal was announced in October. Management Services President John Vollmer and the existing management team will continue to lead the new company.
AECOM is a major contractor to the federal government, including the Department of Defense, the Department of Energy (DOE) and other U.S. federal agencies. Eliminate repetition of federal. It also serves other national governments, such as the United Kingdom’s Nuclear Decommissioning Authority (NDA), and the U.K. Ministry of Defense.
