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Engineering and construction firm Fluor has signed an agreement with UK-based private equity firm Arle Capital Partners to completely acquire Stork Holding B.V. (Stork), based in The Netherlands, for US$755mn
Stork is a global provider of maintenance, modification and asset integrity services to oil and gas, chemicals, petrochemicals, industrial and power sectors.
Launched in 1827, Stork runs operations in Europe, the UK, Middle East, Asia Pacific and the USA with an annualised run-rate revenue of approximately US$1.7bn.
Fluor’s chairman and CEO David Seaton said, “The acquisition of Stork is consistent with Fluor’s goal to further enhance our integrated solutions capabilities in thoughtful, strategic ways that will increase the value we deliver to our clients and shareholders.
“We are pleased to welcome Stork’s talented workforce of more than 15,000 employees, which will provide us with additional flexibility and capacity to increase our maintenance and direct construction activities.”
Current Stork CEO Arnold Steenbakker added, “We are very proud that a world-class company like Fluor recognizes Stork’s strong reputation, capable workforce and performance as a global industrial services provider.
“The combination will create new opportunities to expand our global footprint and deepen the product and services offering to our customers. Stork’s activities are complementary to those of Fluor and the combination will create a global leader in the industrial services business.”
Upon closing of the acquisition, Fluor will begin combining Fluor’s Operations & Maintenance organization with Stork. Steenbakker will lead the combined group and report directly to Seaton.
Goldman Sachs acted as exclusive financial adviser to Fluor.