Design and engineering firm Stantec has completed the previously announced acquisition of the North America and Asia Pacific engineering and consulting groups of Cardno Limited.
“Since announcing the acquisition in October, both Stantec and Cardno employees have been very eager to begin collaborating with each other. I would like to welcome Cardno’s 2,750 employees to Stantec today and I look forward to the tremendous opportunities that lie ahead,” said Gord Johnston, president and chief executive officer of Stantec. “In Australia, Cardno nearly doubles our presence and gives us the critical mass in talent and services to establish ourselves as a major participant and propel our growth in that market. In the US, we will benefit from our increased presence in the environmental services space, and our increased exposure to US stimulus spending. We are excited to have Cardno’s talented employees on board to grow with us.”
More than 99% of the voted Cardno shares approved the acquisition.
Pursuant to the agreement announced on Oct. 21, 2021, the acquisition was completed for aggregate cash consideration of US$500 million financed through Stantec’s existing funds and credit facilities.
According to its website, Cardno is a global infrastructure, environmental and social development company operating in more than 100 countries and powered by a 4,000-strong workforce.
