Tetra Tech Inc. (TTEK) has disclosed an agreement to acquire an Australia-based multi-disciplined consulting firm Coffey International Limited. The move will spread Tetra Tech’s footprint on Australian soil as well as accelerate the growth of its international development business.
In particular, both the firms have penned a Bid Implementation Agreement (‘BIA’), as per which Tetra Tech will make an off-market offering to Coffey International to buy 100% of its outstanding shares for a payment of A$0.425 per share. The completion of the buyout offer, which is administered by BIA, is subject to fulfillment of customary closing conditions.
Coffey International, founded in 1959, was the first geotechnical engineering firm of Australia. The company presently has over 3,000 personnel worldwide, who are focused on offering smart solutions along with providing innovation and insight in three core service domains –geoservices, international development and project management.
Given the superior expertise in geoservices and project management areas, we believe the buyout is a strategic fit for Tetra Tech. Post-acquisition completion, Tetra Tech will achieve the position of leading global consulting firm for international development. With the enhanced proficiency in supplying water and environmental services, the company will support major organizations such as Australia’s Department for Foreign Affairs and Trade, the United Kingdom’s Department for International Development and U.S. Agency for International Development.
Tetra Tech currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Sharps Compliance Corp. (SMED), Energy Recovery, Inc. (ERII) and Vertex Energy, Inc. (VTNR). While Sharps Compliance and Vertex Energy boast a Zacks Rank #1 (Strong Buy), Energy Recovery carries a Zacks Rank #2 (Buy).
Tetra Tech Inc. TTEK has disclosed an agreement to acquire an Australia-based multi-disciplined consulting firm Coffey International Limited. The move will spread Tetra Tech’s footprint on Australian soil as well as accelerate the growth of its international development business.
In particular, both the firms have penned a Bid Implementation Agreement (‘BIA’), as per which Tetra Tech will make an off-market offering to Coffey International to buy 100% of its outstanding shares for a payment of A$0.425 per share. The completion of the buyout offer, which is administered by BIA, is subject to fulfillment of customary closing conditions.
Coffey International, founded in 1959, was the first geotechnical engineering firm of Australia. The company presently has over 3,000 personnel worldwide, who are focused on offering smart solutions along with providing innovation and insight in three core service domains – geoservices, international development and project management.
Given Coffey International's superior expertise in geoservices and project management areas, we believe the buyout is a strategic fit for Tetra Tech. Post-acquisition completion, Tetra Tech will achieve the position of leading global consulting firm for international development. With the enhanced proficiency in supplying water and environmental services, the company will support major organizations such as Australia’s Department for Foreign Affairs and Trade, the United Kingdom’s Department for International Development and U.S. Agency for International Development.
Tetra Tech currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Sharps Compliance Corp. SMED, Energy Recovery, Inc. ERII and Vertex Energy, Inc. VTNR. While Sharps Compliance and Vertex Energy boast a Zacks Rank #1 (Strong Buy), Energy Recovery carries a Zacks Rank #2 (Buy).
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