AECOM has entered into a definitive agreement for the sale of its Management Services (MS) business to affiliates of American Securities LLC and Lindsay Goldberg for a purchase price of US$2.405 billion, which reflects an 11.6x multiple on expected fiscal 2019 adjusted EBITDA and a premium to AECOM’s overall valuation. Included in the purchase price is the contingent purchase price of approximately US$150 million. 

The sale of the MS business has been unanimously approved by the Aecom's Board of Directors and is subject to customary closing conditions and regulatory approvals. The definitive purchase agreement includes customary cash, debt, and working capital adjustments. The transaction is expected to close in the first half of fiscal 2020.

Goldman Sachs & Co. LLC and DBO Partners LLC are serving as financial advisors and Wachtell, Lipton, Rosen & Katz is serving as legal advisor. Cravath, Swaine & Moore LLP is serving as legal advisor to American Securities and Lindsay Goldberg.