WorleyParsons’ $3.3 Billion Acquisition of Jacobs Energy, Chemicals, and Resources Business

Perella Weinberg Partners LP is serving as financial advisor to Jacobs, and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal counsel. Wachtell, Lipton, Rosen & Katz also served as legal advisor to Jacobs. Centerview Partners provided financial advice to the company.

Jacobs Engineering Group Inc. (NYSE: JEC) has entered into a definitive agreement to sell its Energy, Chemicals and Resources (ECR) segment to WorleyParsons Limited (ASX: WOR) for $3.3 billion, consisting of $2.6 billion in cash and $700 million in WorleyParsons ordinary shares.

The transaction value represents a multiple of more than 11.5 times trailing twelve-month (TTM) adjusted EBITDA for the ECR business1.

Following the completion of the transaction, Jacobs will be focused solely on its two higher growth, higher margin lines of business – Aerospace, Technology, Environmental & Nuclear (ATEN) and Buildings, Infrastructure & Advanced Facilities (BIAF).

Jacobs leads the global professional services sector delivering solutions for a more connected, sustainable world. With $15 billion in fiscal 2017 revenue when combined with full-year CH2M revenues and a talent force of more than 77,000, Jacobs provides a full spectrum of services including scientific, technical, professional and construction- and program-management for business, industrial, commercial, government and infrastructure sectors.

Fried Frank acted as counsel to Jacobs Engineering Group Inc. with a team including corporate partner Christopher Ewan (Picture), corporate partners Joshua Thomas Coleman and Michael T. Gershberg; antitrust and competition partners Nathaniel L. Asker and Tobias Caspary; executive compensation & ERISA partner Amy L. Blackman; intellectual property and technology partner Amir R. Ghavi; litigation partner Joshua D. Roth; tax partners Michael J. Alter and Nick Thornton; corporate special counsel Howard A. Fine, Amber Meek, and Simon Saitowitz; environmental special counsel Donna Mussio; tax special counsel Will Gay; corporate associates Dr. Peter Breschendorf, Evan M. Campbell, Charles Cooper-Isow, Corey T. Flick, Matthew Martindale, P. Ryan Messier, Jason D. Meyers, Jessica Pisani, Christina Robinson, and Charles Stern; antitrust and competition associates Matthew E. Joseph and Max Küttner; environmental associate Samuel K. Dykstra; executive compensation & ERISA associate Stephanie Matko; intellectual property and technology associate Marli Sussman; real estate associate Danielle R. Frank; tax associates Thomas Bramall, Shane C. Hoffmann, and Peyton R. Miller; corporate law clerks Ryan P. Fitzpatrick and Juliette N. Rafael; executive compensation & ERISA law clerk Arielle F. Evans; and litigation law clerk Megan M. Howe.

 

Involved fees earner: Christopher Ewan – Fried Frank Harris Shriver & Jacobson; Joshua Thomas Coleman – Fried Frank Harris Shriver & Jacobson; Michael Gershberg – Fried Frank Harris Shriver & Jacobson; Howard A. Fine – Fried Frank Harris Shriver & Jacobson; Amber Meek – Fried Frank Harris Shriver & Jacobson; Simon Saitowitz – Fried Frank Harris Shriver & Jacobson; Peter Breschendorf – Fried Frank Harris Shriver & Jacobson; Evan Campbell – Fried Frank Harris Shriver & Jacobson; Charles Cooper-Isow – Fried Frank Harris Shriver & Jacobson; Corey Flick – Fried Frank Harris Shriver & Jacobson; Matthew Martindale – Fried Frank Harris Shriver & Jacobson; Ryan Messier – Fried Frank Harris Shriver & Jacobson; Jason Meyers – Fried Frank Harris Shriver & Jacobson; Jessica Pisani – Fried Frank Harris Shriver & Jacobson; Christina Robinson – Fried Frank Harris Shriver & Jacobson; Charles Stern – Fried Frank Harris Shriver & Jacobson; Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Tobias Caspary – Fried Frank Harris Shriver & Jacobson; Matthew Joseph – Fried Frank Harris Shriver & Jacobson; Max Kuttner – Fried Frank Harris Shriver & Jacobson; Amy Blackman – Fried Frank Harris Shriver & Jacobson; Stephanie Matko – Fried Frank Harris Shriver & Jacobson; Amir Ghavi – Fried Frank Harris Shriver & Jacobson; Marli Sussman – Fried Frank Harris Shriver & Jacobson; Joshua D. Roth – Fried Frank Harris Shriver & Jacobson; Michael Alter – Fried Frank Harris Shriver & Jacobson; Nick Thornton – Fried Frank Harris Shriver & Jacobson; Will Gay – Fried Frank Harris Shriver & Jacobson; Thomas Bramall – Fried Frank Harris Shriver & Jacobson; Shane Hoffmann – Fried Frank Harris Shriver & Jacobson; Peyton Miller – Fried Frank Harris Shriver & Jacobson; Donna Mussio – Fried Frank Harris Shriver & Jacobson; Samuel Dykstra – Fried Frank Harris Shriver & Jacobson; Danielle Frank – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: Jacobs Engineering Inc.;