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Sunday, July 13, 2014

CORRECTED-AECOM to pay $4 billion for engineering firm URS Corp, (NYSE: ACM)

Engineering design firm AECOM Technology Corp on Sunday said it would pay about $4 billion in cash and stock to acquire URS Corp, an engineering and construction services company, to create a combined company with about $19 billion in annual sales and more than 95,000 employees.AECOM in a news release said it would pay $56.31 a share in cash and stock for URS, and that including the assumption of URS debt, the total enterprise value of the deal is about $6 billion.Terms of the deal were unanimously approved by both of the California-based companies, and the deal is expected to close in October, AECOM said.URS stockholders will receive $33 in cash and 0.734 share of AECOM common stock for each URS share. The price represents a premium of 19 percent over the trailing 30-day average closing price of URS shares and an 8 percent premium over URS' closing share price on Friday of $52.02.

AECOM Technology Corporation (AECOM) is a provider of professional technical and management support services for commercial and government clients around the world. Shares of ACM traded higher by 0.32% or $0.1/share to $31.76. In the past year, the shares have traded as low as $27.35 and as high as $35.24. On average, 619061 shares of ACM exchange hands on a given day and today's volume is recorded at 641158.