Foster Wheeler acquired by AMEC

February 16, 2014 2:54 am

Swiss-based Foster Wheeler has agreed to sell itself to British energy engineering group AMEC for $3.3bn, AFP has reported. AMEC said it had received the support of Foster Wheeler’s management and had signed a definitive agreement to acquire all of the company’s stock in exchange for cash and AMEC stock. “The combination positions us across the whole oil and gas value chain, provides scale in our growth regions and is expected to be double-digit earnings enhancing in the first twelve months,” said AMEC chief executive, Samir Brikho .