Infrastructure consulting firm AECOM says it has reached an agreement to sell its civil construction business, which includes the Shimmick Construction business, to affiliates of Oroco Capital,based in Bethesda, MD, near Washington. The transaction is expected to close in January 2021 upon the satisfaction of customary closing conditions, the Los Angeles-headquartered company said in a Dec. 10 statement.
“Today’s announcement of the sale of our Ccvil construction business, together with the sale of our power construction business in October, represents a significant milestone in advancing our strategy and focusing our efforts on our higher-margin and lower-risk Professional Services businesses,” Troy Rudd, AECOM’s chief executive officer, said in the statement.
“Our outlook is bright as we bring together our company under our Think and Act Globally strategy, which includes transforming how we operate through the digital delivery of our work and focusing on growing our Professional Services businesses.
“I thank the Civil construction team on behalf of our company for their efforts over the years and wish the business the best of success under the stewardship of Oroco Capital.”